Investec Plc has the potential to make the best returns among South Africa’s largest banks after selling some assets in Australia and the U.K. and strengthening its wealth and investment services in Britain. The company, founded in Johannesburg, this year traded at the deepest discount to its target price since the 2008 global financial crisis. While Investec’s non-banking units are generating “lots of hidden value,” increased earnings from the U.K. have also lessened dependence on the slowing South African economy, according to Liam Hechter, a banks analyst at Johannesburg-based Anchor Capital, which oversees the equivalent of $1.3 billion.
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