David Geral

David Geral

Head of Banking and Financial Services Regulatory
Johannesburg, South Africa
T: +27 11 669 9514
E: david.geral@bowmanslaw.com
  • Overview
  • Experience
  • Publications & Insights


David Geral is a partner, and leads Bowmans’ Banking and Financial Services Regulatory Practice. He is also a co-convenor of Bowmans’ multi-practice Fintech Service Line and Sustainable & Impact Investing Service Line.

David specialises in pensions, healthcare and group insurances. He advises local corporations, private and industry retirement funds, medical schemes and their service providers on governance, contracting, compliance and dispute resolution in the High Court and in several specialist financial services tribunals. David regularly supervises due diligences on these matters and has advised on numerous transactions involving pension, insurance and medical benefits transfers.

David has BA and LLB degrees from the University of Cape Town.  He is an attorney, a notary public and a CEDR accredited Commercial Mediator. David holds a certificate in Impact Investing in Africa from the University of Cape Town, and is a leading attorney in relation to impact investing, social impact bonds and environmental, social and governance related (ESG) investing in South Africa

David is ranked in Band 3 by Chambers and Partners for his work in Fintech, and is cited as a Recognised Practitioner for Insurance.

Specialist Services

Relevant Experience

  • Advising the UN Principles for Responsible Investment on the regulation of shareholder collaboration in South African law, (2020)
  • Advising Transnet on the merger of the Transnet Second Defined Benefit Fund and the Transnet section of the Transport Pension Fund, 2020
  • Advising a global social media group on regulatory aspects of the launch of a stablecoin and operation of a cryptoasset exchange in South Africa, 2019 to present
  • Advising a French banking group on the regulatory filings regarding its disposal of a controlling interest in an insurer with a South African subsidiary, 2020
  • Advising one of South Africa’s largest pension fund administrators in relation to an industry-wide Financial Services Board inspection into alleged irregular pension fund deregistrations, 2015 – 2019.
  • Acting on behalf of a consortium of three firms in defence of pensioner class action against Transnet and two affiliated pension funds (largest civil claim and largest class action in SA history), 2013 – 2020.
  • Advising the lead investor in South Africa’s first development impact bond (DIB) addressing early childhood development (ECD) in the Western Cape, (2018)
  • Conducting research for the Association for Savings and Investment South Africa (ASISA) on financial regulations’ role in facilitating and impeding impact and ESG investment by institutional investors in South Africa (2018/19);
  • Performing a benefits due diligence and providing advisory services, compliance and regulatory advice on the Alexander Forbes Group private equity exit and listing, 2014.
  • Performing a benefits due diligence and providing advisory services regarding Marriott Hotels’ acquisition of Protea Hotels’ administration business, 2013.
  • Performing a benefits due diligence and providing advisory services on the Alexander Forbes Group disposal of AF Risk Services, 2011.
  • Advising on a benefits separation in the Barloworld / PPC (Kansai) unbundling, 2010.
  • Advising Government Employees Pension Fund on the transfer of GEPF administration to GPAA, 2009.
  • Undertaking a vendor benefits due diligence and providing advisory services on the Royal Bafokeng Platinum private placement, 2006.
  • Exclusive legal services provider (contracting, procurement, regulatory, dispute resolution, fraud management) for Government Employees Medical Scheme, 2005 – 2010.
  • Representing Life Healthcare in relation to so-called “Ghavalas Option” pensions-stripping inquiry, 2000 – 2008.
  • Performing a benefits due diligence and devising a separation strategy in the African Oxygen / Afrox Healthcare (now Life Healthcare) separation, 1999.
  • Advising the Registrar of Medical Schemes in a dispute against Fedhealth regarding the delineation of businesses of medical schemes and short-term insurers under the newly enacted 1998 legislation, 1999.

Signature Matters


  • Chambers and Partners 2019 and 2020 ranked David as a Recognised Practitioner for Insurance.
  • Nominated by his clients as a stand-out lawyer and has received an Acritas Star Lawyer rating in their 2019 and 2020
  • Shortlisted for the TrustLaw World Pro Bono Lawyer of the Year Award in 2018 for his work in promoting social impact bonds in South Africa

Publications & Insights