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December 10, 2021

UBS to wind up investment-banking operations in South Africa

By Verdict Staff

UBS Group is reportedly moving to wind up its investment-banking operations in South Africa after sacking a number of employees in the country.

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The Swiss banking giant has laid off around eight deal makers who worked out its South African office, Bloomberg reported citing unnamed people with knowledge of the developments.

According to the sources, the ‘conservative approach’ is part of UBS’ cost cutting measures.

The bank is planning to cater to its corporate clients in the region from its London office, they added. It will also retain its other capabilities in South Africa, including research and trading.

A UBS spokeswoman told the new agency that the bank is not completely shuttering its South Africa investment banking operations.

She said: “We remain committed to our business in South Africa and retain a significant presence in the region.”

UBS reported a surprise jump in profits in Q3 2021, aided by strong performance at its wealth and investment units.

At the time, the bank said that it expects its Q4 profits to be affected by reduced client activity.

Earlier this year, a report by Reuters said that UBS was planning to shut down its brokerage in Mexico, which is considered to be Latin America’s second largest economy.

In 2018, Credit Suisse shuttered its operation in South Africa with plans to serve its clients in the region from Europe and Dubai.

Recent South African moves by other companies

In August, US-based ethical investment platform Wahed Invest announced plan to expand its services to the South Africa, after securing a licence from the FSCA to offer investment services in the country.

In July, Barclays was awarded a Financial Advisory and Intermediary Services licence by the South African financial regulators.

The licence enabled the firm to offer Barclays Private bank products and services in the country.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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