• Saturday, July 13, 2024
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Vunani, BGL form Pan-African banking alliance to enhance presence in West, Southern Africa

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Vunani Limited, a Financial Services Group listed on Johannesburg Stock Exchange (JSE) Alternative Exchange (AltX) and BGL Plc, Nigerian Financial Services Group, have signed a cooperation agreement whereby they will seek to jointly originate and execute cross border transactions across their various business units throughout Africa with West African and Southern African markets being key target markets.

In terms of the agreement which both companies consummated yesterday, they will also seek to co-invest in business ventures or assets with clear exit strategies across Africa.

Butana Khoza, managing director, Vunani Limited said at the agreement signing ceremony held in Lagos Tuesday that, “It is fitting that Vunani is signing this cooperation agreement in the week that Nigeria is deemed to have become the largest economy on the African continent. The process to find a strong strategic partner in Nigeria started more than a year ago and we are extremely excited to have found a good strategic partner in BGL Plc.

“Vunani has aspirations to be a strong pan-African financial services group and that would be very difficult to achieve without access to Africa’s largest economy. It is also apt that BGL has similar aspirations and our cooperation will not be limited to South African and Nigerian transactions,” he said.

Accordingly, Butana noted that: “This strategic alliance with BGL allows us to access opportunities across the spectrum of our respective business segments; the immediate opportunities being in asset management, corporate finance, and stockbroking. We envisage this partnership unlocking significant opportunities for our respective clients and business opportunities for our respective groups.”

BGL Plc, founded in 1993 as Banc Garanti Limited, is an established financial services group headquartered in Lagos, Nigeria. Through its various locations across Nigeria, the group provides a range of investment banking, securities trading and asset management services to clients that include Government, Corporations, Financial Institutions and Ultra High Net Worth Individuals across West Africa.

Chibundu Edozie, group deputy managing director/CEO of BGL Plc said: “The emergence of Africa as a powerful investment destination and the continued opening up and development of the continent’s financial markets, has encouraged us to internationalise our operations with plans for a footprint in key growing African Markets and also in developed Western Markets. In line with this strategy, this agreement with Vunani will help strengthen our origination and distribution capabilities in Southern Africa.”

Vunani Limited is a black owned and managed financial services company that operates through the following segments: Asset Management, Investment Banking and Advisory, Investment Holdings, Securities Broking, and Properties Investments and Developments.

IHEANYI NWACHUKWU