PNC Telecom replaces Investec

PNC Telecom has replaced Investec Henderson Crosthwaite as its broker just days before the firm's South African parent bank Investec lists on the London Stock Exchange.

Although PNC Telecom is capitalised at only £4m, it adds to the negative publicity the bank has suffered leading up to the listing. Earlier this month spread betting firm IG Index sacked Investec as its broker and financial adviser while a highly-regarded fund manager aired doubts about the firm in an employment tribunal.

Investec, which is already listed in Johannesburg, wants to raise just under £100m, which would give the bank a stock market value of almost £1bn.

Mobile phone distributor PNC Telecom, which is pursuing its former chief executive over allegations of financial misconduct, has appointed Seymour Pierce in place of Investec Henderson Crosthwaite .