(Bloomberg) -- Nedbank Group Ltd. is considering reorganizing its investment banking unit to help the South African lender prepare to win deals on the continent, according to people with knowledge of the matter.
The Johannesburg-based lender’s head of advisory, Shabbir Norath — who runs the Africa business, Nedbank’s corporate and investment bank, and commercial banking units — will retire in the coming weeks, the people said, asking not to be identified because the information is private.
The bank is weighing plans to split the position into three, the people said.
Debt deals in Africa have jumped 69% this year, according to data compiled by Bloomberg, with Standard Bank Group Ltd. leading the list of arrangers. Rivals including FirstRand Ltd. and JPMorgan Chase & Co. are also planning to expand on the continent to compete for deals.
“It is not unusual in the normal course of business for a company to reorganize itself to ensure it meets changing client needs and its growth ambitions,” Nedbank said in a response to questions, refraining from commenting further on individual employees.
JPMorgan Chief Executive Officer Jamie Dimon plans a trip to Africa in mid-October in an expansion push for the biggest US bank, Reuters reported earlier this week, citing four unidentified people familiar with the matter.
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