Norton Rose advises Absa Bank on one of its biggest deals to date worth ZAR10bn
- United Arab Emirates: Tuesday, June 19 - 2012 at 13:47
- PRESS RELEASE
International legal practice Norton Rose Group has advised Absa Bank, a subsidiary of Barclays Bank and the largest consumer bank in South Africa, on one of its biggest deals to date in securing Edcon's store card book worth ZAR10bn. Edcon is the leading clothing, footwear and textiles retailing group in southern Africa and Absa has entered into an ongoing relationship with Edcon as the preferred credit provider to its 3.9 million credit customers.
Alan Bainbridge, corporate partner in Abu Dhabi commented: ""This was a complex and demanding transaction that required a seamless delivery across the Norton Rose Group transaction team. We are delighted to be involved in such an important transaction for the bank."
Kevin Cron, Head of corporate in South Africa, commented: "This has been a remarkable success which extended far across the Norton Rose Group team and presented an excellent opportunity to showcase our global expertise including specialist counsel relating to labour, NCA, tax, FICA, securitisation, bond structures, insurance and service agreements."
This deal is the latest in a string of high profile instructions for global financial institutions led by Norton Rose Group. Financial institutions are a key strength of Norton Rose Group and we are on the panel of more than 50 financial institutions including Barclays, AXA, Société Générale, National Australia Bank, Prudential and Standard Chartered Bank.
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