Norton Rose advises Absa on Edcon store card deal worth R10 billion

8 June 2012

Contacts

A team from the South Africa and Abu Dhabi offices of the Norton Rose Group advised Absa Bank on one of its biggest deals to date in securing Edcon’s store card book worth R10 billion. Absa has entered into an ongoing relationship with Edcon as the preferred credit provider to its 3.9 million credit customers.

Absa was advised by a robust team across various areas of the practice led by Kevin Cron, director and head of corporate, at Norton Rose South Africa. Alan Bainbridge and his team from Abu Dhabi played a key role in negotiating and drafting the relevant agreements.

Kevin Cron commented:

“This has been a remarkable success which extended far across the Norton Rose 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.

Absa is currently the largest bank in South Africa and this substantial deal will include an additional four African jurisdictions.

The deal was led by Kevin Cron, assisted by Loris Rech, Riccardo Petersen, Zano Nduli, Joe Mothibi, Patrick Bracher, Dale Cridlin, Marelise van der Westhuizen, Pierre Swart, Mike Hart, Stephen Kennedy-Good, Georg Kahle, Brian Wimpey, Ismail Laher, Milton Osborn (all South Africa) and Alan Bainbridge and team (Abu Dhabi).

For further information please contact:

Glyn Smith, communications specialist, Norton Rose South Africa
Tel +27 11 685 8826; Mob: +27 82 776 1152
glyn.smith@nortonrose.com

Anusha Mudhai, communications assistant, Norton Rose South Africa
Tel: +27 11 685 8947; Mob: +27 84 911 2535
anusha.mudhai@nortonrose.com

Notes for editors:

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