Ansbacher Group sold to Qatar National Bank
Friday, July 2, 2004
LONDON, England: The Ansbacher Group’s
shareholder, FirstRand, on Thursday concluded an agreement for the sale of
Ansbacher to Qatar National Bank (QNB). The Ansbacher Group has a long-standing presence in the Caribbean, dating back to
1957 in the Bahamas and 1967 in the Cayman Islands.
In the Cayman Islands, the group is represented by Ansbacher (Cayman) Limited
and by its wholly owned subsidiary, Cayman International Trust Company
Limited. In the Bahamas, the group is represented by Ansbacher (Bahamas)
Limited.
Together they provide a broad range of
wealth management services, including banking, trust services, corporate
management and investment services.
Ansbacher became embroiled in controversy
after an inquiry ordered by the Irish high court in 1999 found that customers
of its Cayman Islands branch were allegedly involved in tax evasion from the
1970s to 1996.
The Ansbacher Group also has operations in
the United Kingdom, the Channel Islands, and Switzerland. The deal is subject
to regulatory approval for the change of control in the jurisdictions where
Ansbacher has operations and this is expected to take up to three months.
Commenting on the transaction, Ansbacher CEO Richard Spilg said “This is a
fantastic result for all stakeholders in Ansbacher. QNB is the pre-eminent
bank in the wealthiest of the Middle Eastern countries with a clear growth
strategy and a drive to expand its wealth management business. This deal
presents a unique opportunity for Ansbacher to work closely with a shareholder
who is committed to our future and has the ability to generate business flows
which will realise the inherent value in the Ansbacher franchise.”
Saeed Al-Misnad, QNB Group Chief Executive also commented Thursday, “QNB has
an extremely large and growing high net worth client base for whom it needs to
develop wealth management products and solutions. Ansbacher’s established
franchise in the high net worth market, its product offerings, client
relationship management skills and strongly regulated operations provide QNB
with the means to fulfill its strategic expansion objectives.”
FirstRand will remain as Ansbacher’s owners while the regulatory approval
process is completed.
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