Banking group Investec, which also offers among other things homeowners insurance as well as buildings and business insurance, has told investors that it is looking at opportunities to grow its property and capital markets portfolios worldwide.
"We have taken advantage of select distressed debt and credit opportunities," said Investec chief executive Steven Koseff. He added that the company's trading performance and balance sheet management have been positively effected by lower interest rates. "You can feel the fear is dissipating," he said.

Koseff said the financial system appears to be stabilising, after a period of great uncertainty for investment banks. Since late 2007 available capital has started drying up, putting pressure on investment banks to generate returns.

Investec has operations around the world, including in South Africa, the United Kingdom, other European countries and Australia. It is expected that operating profits in the United Kingdom and Europe will be higher when compared to the previous financial year.

In midday trade on Thursday, Investec was up 2.3% (119c) to 5 359c.

Source: Fin24.com