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Norton Rose advises Absa on Edcon store card deal worth R10 billion | South Africa | Norton Rose Fulbright

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

8 June 2012


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

Anusha Mudhai, communications assistant, Norton Rose South Africa
Tel: +27 11 685 8947; Mob: +27 84 911 2535

Notes for editors:

Norton Rose Group is a leading international legal practice offering a full business law service to many of the world’s pre-eminent financial institutions and corporations from offices in Europe, Asia Pacific, Canada, Africa and the Middle East.

The Group’s lawyers share industry knowledge and sector expertise across borders to support clients anywhere in the world. The Group is strong in financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and pharmaceuticals and life sciences.

Norton Rose Group has more than 2600 lawyers operating from 39 offices in Abu Dhabi, Amsterdam, Athens, Bahrain, Bangkok, Beijing, Brisbane, Brussels, Calgary, Canberra, Cape Town, Dubai, Durban, Frankfurt, Hamburg, Hong Kong, Johannesburg, London, Melbourne, Milan, Montréal, Moscow, Munich, Ottawa, Paris, Perth, Piraeus, Prague, Québec, Rome, Shanghai, Singapore, Sydney, Tokyo, Toronto and Warsaw; and from associate offices in Dar es Salaam, Ho Chi Minh City and Jakarta.

Norton Rose Group comprises Norton Rose LLP, Norton Rose Australia, Norton Rose OR LLP, Norton Rose South Africa (incorporated as Deneys Reitz Inc), and their respective affiliates.