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Landmark deal transforms South African securities industry

12 Feb 2019

South Africa
Financial Institutions
Business Unit
Corporate Financing Solutions
Standard Bank’s innovative funding of Nkholi Consolidated Investments’ ZAR 760 million purchase of Peregrine Securities has seen the creation of Legae Peresec, South Africa’s largest securities trading business.

Inspired by the collective aspiration of the industry for the emergence of a globally-competitive, innovative, black-owned, managed and controlled financial services firm, Legae Peresec was formed from the merging of Peregrine Securities and Legae Securities, South Africa’s oldest black stockbroker. 

An entirely independent entity, Legae Peresec is 51% majority black owned and managed and has over 30% black female ownership. The company intends using their excellent capital position to drive transformation and continued growth in the sector by providing clients with access to increased liquidity and capital, world-class financial technologies and more robust risk management processes. 
Building on its broad capability in the institutional, equity and derivatives markets, Legae Peresec will also have the largest market share on the Johannesburg Stock Exchange equities and derivatives markets by both value traded and volume. 
Standard Bank’s role in the deal 
Standard Bank supported the purchase of Peregrine ssecurities by Nkholi. We acted as sole financial advisor, structurer and financier on the deal, delivering an innovative funding structure which enhanced the economics of the transaction for Nkholi. The bespoke structure also made it possible for Standard Bank to fund a substantial portion of the transaction on its own. 
As a banking partner to Legae Peresec, we will manage the new entities’ custody and clearing business as we continue to support the company’s growth and development. 
Growing tomorrow’s corporate champions 
As leaders in Corporate and Investment banking, we are committed to the transformation of our economic landscape. We understand that expanding South Africa’s securities ecosystem through inclusive growth is critical to future-proofing our economy by locking in sustainable long-term growth that is relevant to all. 
We are delighted to have been involved in this landmark black economic empowerment transaction, which represents a significant step in the transformation of stockbroking and asset management in southern Africa. 
We look forward to partnering with Legae Peresec as they continue to grow their business, deepen transformation and support new entrants to South Africa’s securities sector.