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Africa Legal advises FirstRand in acquisition of Mozambican bank Banco de Desenvolvimento e Comércio
FirstRand has acquired an 80% interest in Mozambican bank Banco de Desenvolvimento e Comércio (BDC), in a landmark transaction announced to a large gathering of Mozambican and international dignitaries at the Polana Hotel on Tuesday 24 July.
This major acquisition marks the entry of FirstRand into yet another African country, and the event was attended by the Governor of the Mozambique Central Bank and FirstRand Bank’s CEO, Sizwe Nxasana. The acquisition included a minority stake in Interbancos, which provides card-reading devices, automated teller machines, cellphone banking, etc.
Africa Legal / Deneys Reitz advised FirstRand, while the Vendors, which included Portugal’s Montepio Geral, were advised by London firm Middleton Potts. The transaction involved four jurisdictions: Portugal, Mozambique, United Kingdom and South Africa. Julian Jackson was the lead lawyer for Africa Legal / Deneys Reitz. Leading Maputo firm MGA advised FirstRand on matters of Mozambican law.
Africa Legal Team
The Africa Legal team includes English solicitors, South African attorneys, and French, Hong Kong and Zimbabwean qualified lawyers. All team members have extensive pan-African deal experience and share a special interest and expertise in Africa. Click on the names or faces of the team members to see their résumés.
