Macquarie First South to change ownership structure

Macquarie Group (Macquarie) and First South Financial Services (First South) have agreed terms whereby First South will dispose of its 50% shareholding in Macquarie First South (MFS), the Johannesburg-based cash securities and corporate finance business. MFS will become wholly owned by Macquarie.

On completion of the transaction, MFS will be rebranded Macquarie and its employees will become part of the Macquarie Group. First South will independently operate its South Africa and Africa-focused financial services businesses.

Dr. Duarte da Silva, currently CEO of MFS and Regional Head of Sub-Saharan Africa for Macquarie, will focus his future efforts on First South, a company that he co-founded in 2002.

The transaction is subject to regulatory approvals and is expected to complete by December 2015.