By Ivan Anderzhanov
Has Russian-based investment bank's campaign to buy brokerages in five of six African countries stalled?
The bank today announced it had has completed its acquisition of BJM Securities, the brokerage business of South Africa's Barnard Jacobs Mellet (BJM) Group. The deal was first announced on May 3.
Back in late March, Rencap chief executive Stephen Jennings told the Financial Times the bank was in talks to buy brokerages in five or six African countries. The newspaper said Rencap expected the deals to be completed in the "the next few months."
Perhaps Rencap's acquisition push in Africa has run out of steam or maybe they gave brokerage owners' too much of a heads-up by setting out their shopping list so publicly. One could never accuse Jennings & Co. of lacking hubris but it sometimes leaves them open to some gentle lampooning.
Rencap entered Africa in 2007, and today maintains offices in Nigeria, Kenya, Zambia and Ghana. The firm entered South Africa in February 2010 and appointed Clifford Sacks to lead its South African and pan-African equities businesses. Last year, the investment bank was one of the most active dealmakers on the continent, executing 22 transactions in 13 countries.
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