Goldman Sachs hires Barclays executive in S. Africa unit

By Promit Mukherjee and Emma Rumney

JOHANNESBURG, Sept. 20 (Reuters) – The Goldman Sachs group has hired Simon Denny, director of Banking Africa at Barclays Plc, to head the investment bank in its South African unit, the US banking giant told Reuters on Monday.

Goldman has expanded its business in the region and has sought to gain business as the continent’s most advanced economy emerges from the COVID-19 pandemic, creating fertile ground for transactions, rising debt and restructuring.

“Simon is joining the company as Managing Director and Head of Investment Banking South Africa,” Goldman said in response to emailed questions, adding that he would take up his new role from October 1. .

Denny had been the head of Barclays Africa banking since March 2019 and brings with him a strong roster of clients to the US banking firm.

Its main contracts with the London-based bank included advising Massmart Holdings, the local unit of US retail giant Walmart, on the sale of some of its divisions to South Africa’s largest retailer Shoprite Holdings last month. in an $ 890 million deal.

Prior to Barclays, Denny was Managing Director of Deutsche Bank in South Africa.

As part of its “strong commitment” to South Africa, Goldman moved to a new office and recruited new senior executives, including Zoya Sisulu from South Africa’s largest lender, Standard Bank, to head the company’s financing group from June, the bank said.

Jonathan Penkin remains as the head of the Johannesburg office and managing director of the Johannesburg branch of Goldman Sachs International Bank, the bank added. (Reporting by Promit Mukherjee and Emma Rumney; editing by Barbara Lewis)

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