Renaissance Capital, specialists in investment banking for high opportunity emerging markets, on Sunday announced its purchase of 49% equity stake in New World Investments Limited, an investment broker and financial advisory services firm in Accra.
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.
“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”, said Neil Harvey, Chief Executive Officer (CEO) of Africa & Middle East, Renaissance Group.
Mr. Kwame Pianim, Director and outgoing CEO of New World Investment noted that Renaissance Group has the technological infrastructure, as well as the resources to help scale up and deepen the financial intermediation and investment banking services in the country.
“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. We are thrilled to have the Renaissance Group as partners at this time,” he added.
New World Investments Limited would be renamed New World Renaissance Securities Ltd and would be working 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 the hiring of Mrs. Abena Amoah as Head of Investment Banking for Ghana and CEO of the combined entity (New World Renaissance Securities).
Renaissance Group is an independent group of investment banking, asset management, merchant banking and consumer finance companies, specialising in high-opportunity emerging markets. The Group began operations in Sub-Saharan Africa in 2006.