Investec Australia’s corporate loan book sold to Metrics Credit Partners
25 March 2021
Investec in Australia today announced it had reached agreement to sell its local corporate and acquisition finance (CAF) loan portfolio to Metrics Credit Partners.
Investec Australia CEO and Country Head, Milton Samios, said:
“We are pleased with this development as it will ensure local corporates continue to be served by a highly regarded local lender.
“It is a high-quality portfolio, which is a testament to the Investec approach to credit selection and risk management as well as to the Investec Corporate and Acquisition Finance Team (CAF), led by Simon Beissel, which has built this business over the past 10 years.”
Metrics’ Managing Partner, Andrew Lockhart, welcomed the acquisition, saying it would deliver enhanced investment opportunities for Metrics’ clients.
“This is a great outcome for investors because it will add to the diversity and liquidity across our funds and lead to an uplift in expected total returns. The credit quality of this portfolio is sound and provides a great opportunity to expand our relationship with Australian corporate borrowers.”
The portfolio comprises leveraged finance and fund finance loans to corporates and funds across business services, entertainment, retail, childcare, healthcare, mining services and financial services in Australia.
Investec’s Resource Finance and Project and Infrastructure Finance loan portfolios were not included in the sale process, which was run by the Investec Corporate Advisory team. This team is shortly to be spun out into a separate independent advisory boutique.
Investec, which has been in Australia for more than 23 years, announced at the end of last year that it was exiting the local market as part of its parent Investec Bank plc move to simplifying its business structure and focusing on its principal market in the UK.
Investec partners with private, institutional and corporate clients, offering international banking, investment and wealth management services in two principal markets, South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8 500 employees.
Investec has a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. Investec’s current market capitalisation is approximately £2.2 billion.
This press release is issued on behalf of Investec Bank plc. Registered address: 30 Gresham Street, London, EC2V 7QP. (Reg No. 489604).
Investec Bank plc (Reg. no. 489604) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.