Renaissance Capital takes stake in Ghanaian brokerage
Renaissance Capital, a specialist investment bank for high opportunity emerging markets, at the weekend announced that it has purchased a minority equity stake of 49% in New World Investments Limited, an investment broker and financial advisory services firm in Accra, Ghana.
Renaissance also announced that it has hired Ms. Abena Amoah as Head of Investment Banking for Ghana and Chief Executive Officer, (CEO) of the combined entity.
The strategic alliance between New World Investments and Renaissance Capital follows a long period of cooperation and a number of transactions in which the two firms have worked together, sharing resources and expertise.
A statement issued by Renaissance Capital in Accra quoted Mr Neil Harvey, CEO Africa & Middle East at Renaissance Group, as saying: “The Ghanaian market is a strategically important one in our West African development plan.
“This investment gives us an opportunity to partner with a strong broker
and advisor and play a leading role in the exciting development of both Ghana's financial markets and its importance in the region as a whole.”
Mr. Kwame Pianim, Director and an outgoing CEO at New World Investments, said: “Renaissance Group has the resources, as well as the technological infrastructure, to help scale up and deepen financial intermediation and investment banking services in Ghana.
“The Ghanaian economy is widely viewed as having exciting prospects, and the recent discovery of oil and gas in commercial quantities has strengthened the national drive to position the country as the financial gateway to the West African sub-region”
Mr. Pianim added; “We are thrilled to have the Renaissance Group as partners at this time”.
According to the statement, “New World Investments Limited will be renamed NewWorld Renaissance Securities Ltd., and will work in close unison with Renaissance's investment banking, sales and trading, capital markets and research personnel in their offices in Lagos, Nairobi and London.
Renaissance also announced that Ms. Abena Amoah joined the firm in Accra as Head of Investment Banking, Ghana, and CEO of NewWorld Renaissance Securities.
“She joins from Strategic African Securities, an investment banking firm in Ghana that was appointed in five out of the seven largest corporate finance transactions in the last three years”, the statement added.
Ms. Amoa”s experience covered mergers and acquisitions advisory, stock market listings, financial valuations, investment management and research.
She served on the Boards of among others, the Ghana Stock Exchange and the Venture Capital Trust Fund, and is an Assessor (Capital Markets Expert) to the High Courts of Ghana.