Investec boosts Australian business with Rothschild purchase
(7 April 2006 – Australia) Investec Bank Australia has announced it will acquire NM Rothschild & Sons Australia.
Investec is a South African headquartered investment bank which bought Australian corporate advisory firm Wentwoth Associates in 2001 and has been growing organically ever since.
Investec Australia chief executive Brian Schwartz said the merger with Rothschild would greatly enhance the bank’s footprint in Australia and better complement the group’s activities in South Africa and the UK.
"This is seen by the group as a major growth opportunity," he said.
Before the merger, the Australian arm of Investec constituted about five percent of the overall group.
Rothschild has total assets of about A$2.1 billion, while Investec has A$1.5 billion in Australia.
Investec did not disclose the value of the purchase of Rothschild.
Investec Australia chief executive Brian Schwartz said the merger with Rothschild would greatly enhance the bank’s footprint in Australia and better complement the group’s activities in South Africa and the UK.
"This is seen by the group as a major growth opportunity," he said.
Before the merger, the Australian arm of Investec constituted about five percent of the overall group.
Rothschild has total assets of about A$2.1 billion, while Investec has A$1.5 billion in Australia.
Investec did not disclose the value of the purchase of Rothschild.
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