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Investec Group has taken the strategic decision to exit Australia.
The Group has done this so it can focus on building scale and relevance in its core markets of the UK and South Africa. This is in line with its stated strategy to clarify, simplify, and focus the business.
This decision was not taken lightly and is not a reflection on the performance of the Australian business, or its employees, which have performed strongly, especially over the last 5 years. The decision to leave Australia reflects a shift in the Group’s broader strategy.
Investec Australia now intends to fully transition the loan book, associated derivative positions, and its investment portfolio to the UK with clients continuing to be supported by the Investec global team. This transition should have no impact on clients and their deals.
Investec is also in advanced discussions to externalise a number of businesses other than Corporate Advisory where it has reached agreement to spin it out. Under the new model, Investec Corporate Advisory will run as an independent advisory firm, owned by the senior leadership team. The successor entity will be launched after a transition period in the New Year and will continue as an affiliate within Investec’s international network of Investment Banking offices and partners.
Please be assured, as our valued clients, you are our priority and will continue to be supported by Investec.
We have a team in Sydney and London, to deliver a smooth transition for our clients and our business.
Do you have any questions or comments?
How is Investec dealing with the coronavirus pandemic?
Travel: In line with the Australian Government recommendations, all overseas travel has been suspended. Any staff member who has returned from overseas, has flu-like symptoms, or has been in close contact with anyone with a confirmed case of COVID-19 must self-isolate for a period of 14 days.
Business continuity: From Monday 16th March we have introduced a new way of working whereby we have the technology implemented so that all staff can work from home to ensure continuity and minimise any disruptions for our clients and staff. We have advised all staff to stay at home for at least 14 days if they, or a member of their household, is unwell. We continue to support staff who may have concerns about their own health or anyone close to them.
Investec operates through a dual branch and non-branch structure in Australia. Its go-forward lending and financial markets activities are conducted through Investec Bank plc, Australia Branch (ARBN629 184 710) (the Branch), and its other activities (corporate advisory, equity investments and funds management) are conducted through Investec Australia Limited (ABN 77 140 381 184, AFSL number 342737) (IAL) and its other related entities (together the IAL Entities). Investec Bank plc (IBP) is authorised in the United Kingdom by the Prudential Regulation Authority of the UK (PRA) and is regulated by the PRA and the Financial Conduct Authority of the UK (FCA). The Branch is authorised and regulated in Australia by the Australian Prudential Regulation Authority. IBP holds an Australian financial services licence (number 515853) issued by the Australian Securities and Investments Commission covering the financial services it provides to wholesale clients in Australia. The Branch does not currently take deposits in Australia under the Banking Act 1959 (Cth). The IAL Entities (excluding the Branch) are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth), and their obligations do not represent deposits or other liabilities of IBP, including the Branch. IBP (including the Branch) does not guarantee or otherwise provide any assurance in respect of the obligations of the IAL Entities.