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A South Africa-based securities lending and borrowing business is preparing for its next phase after splitting from Societe Generale.
Axon Xchange (Pty) Ltd (Axon) has been in operation for almost two decades, yet it has always acted under the guise of SocGen.
However, the French bank confirmed on January 18 it had reached an agreement to sell its custody, trustee and derivatives clearing services operated in Johannesburg to Absa Group.
Securities lending and borrowing services are not part of the transaction and will be terminated by end of March 2019, SocGen added.
As Axon’s Lloyd Keys explained to Global Investor, the firm first entered...