9 July 2004 – LAWFUEL – Allen & Overy is advising FirstRand, the Sout…

9 July 2004 – LAWFUEL – Allen & Overy is advising FirstRand, the South African financial services group, on its strategic sale of the wealth management group, Ansbacher Holdings Limited, to Qatar National Bank (QNB).

QNB, a listed public company, will acquire all of the issued shares in the Ansbacher Group at a premium to net asset value, but FirstRand is retaining ownership of those parts of the Ansbacher business that are core to existing client offerings. The transaction is conditional upon regulatory approvals.

Corporate partners in Allen & Overy’s Financial Institutions Group, Andrew Ballheimer and Ian Stanley, are leading the team, assisted by associates Nick Stuart, Ben Jacobs, Saul Sender and Sarah O’Neill, as well as partner Susan Hazledine and associate Sarah Garvey in the Litigation Department and associate Zoe Hammond in the Tax Department.

Commenting on the transaction, Andrew Ballheimer said:
“This was an important strategic transaction both for our clients and QNB, involving many jurisdictions. We are pleased to have been able to assist FirstRand in achieving a successful deal.”

For further information, please contact Jo Shepherd (jo.shepherd@allenovery.com) in London on +44 (0)20 7330 2195 or on 07771 896 290.

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