Investment Banking Co-Head to Step Down at FirstRand's RMB

(Bloomberg) -- Carel Vosloo will step down as investment banking co-head at FirstRand Ltd.’s Rand Merchant Bank to focus other initiatives in the business.

Vosloo, who has been in the role for the almost six years, will step down at the end of September after relocating to Cape Town, the Johannesburg-based firm said in response to emailed questions. Emrie Brown will continue to manage the business as the sole head, while Vosloo will join RMB’s corporate and institutional executive committee, it said. Brown has been with RMB for about 18 years.

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Earlier this week, RMB said the co-heads of its corporate-finance unit, Craig Forbes and Puso Manthata, would also leave their positions in coming months, with new management expected to be appointed by the start of the lender’s new financial year in July. Vosloo, who according to the company’s website joined RMB in 2004, will continue to engage with key clients, it said.

Like other lenders, RMB is battling slower corporate activity in its home South African market and is turning to other countries in the rest of Africa to drive growth, the company has said. The business has a presence in nine other nations, including Nigeria, Zambia and Kenya, as well as India and China, according to RMB’s website.

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