South Africa’s Rand Merchant Bank (RMB) that obtained government licence for Investment Banking operations in Nigeria, late last year, has opened a full operating office in Lagos. RMB, the investment banking arm of South Africa’s First Rand Bank, has had a representative office in Nigeria, since January 2010, but the licence makes them operational as one of the banks here.
They have been involved in mega deals in the past in Nigeria — averaging $40 million, and would now service large corporations in West Africa or those willing to come in.
The CEO of RMB, Alan Pullinger, on RMB in Nigeria, said, that “RMB Nigeria enables us to significantly scale up our in-country offerings and play a more prominent role in the growth of the Nigerian economy.”
RMB Nigeria has $100 million, in hand, from investment from its parent Group, First Rand; and will be looking to finance mega deals, leveraged buyouts, short-term assistance, securities, bonds and treasury bills.