This acquisition will allow RCML a foothold in the one of the major emerging countries of Africa. It will provide it the chance to expand further in the African continent, thus, build a global emerging market focused investment bank.

The original promoters, two local businessmen, will retain the residual minority stake in the privately held firm.

Martin Newson, CEO at RCML said Noah complements the Religares Enterprises' purchase of another local firm Bernards Jacobs Mellet's (BJM) international operations, distribution platforms for South African equities in London and New York, in November last year.

South Africa, the fifth member of the BRICS, forms an integral part of RCML's emerging markets investment banking platform, both as an independent market and as a beach-head for Africa banking ambitions, Newson said. RCML plans to leverage Noah's local platform to connect domestic and global investors to the South African market.

He declined to share financial details citing confidentiality agreements. The Johannesburg-based firm will be co-branded Religare-Noah.

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