Banking and Financial Services Regulatory

We advise financial institutions and the financial services sector in general on the legal and regulatory aspects of banking, financial services, investment management, investment funds, insurance, pensions and medical aids. This extends to specialist advice on structured products and derivatives (including ‘over-the-counter’ derivative products).

Our multi-talented lawyers are highly regarded for their excellence, broad experience and versatility. We work on difficult, demanding and innovative local and international deals and provide the highest quality of service to all types of clients including leading local and international financial institutions, corporate and investment banks, corporates, state-owned entities, regulatory bodies and governments.

Our expertise includes the establishment of banks, financial services providers and various financial institutions and the carrying out of lending and investment banking activities within Sub-Saharan Africa.

In South Africa, we have well-established relationships with the South African Reserve Bank Prudential Authority, the Financial Sector Conduct Authority (FSCA) and the National Credit Regulator, among others, and often interact with them on a wide range of matters for the benefit of our clients.

We regularly advise a broad range of clients on all aspects of South African regulatory work as it pertains to banking regulation and financial services, including advising domestic and foreign banks, fund managers, portfolio managers, credit providers, pension funds, pension fund administrators, medical aid schemes and medical aid administrators, stock brokers and more recently, digital platform financial service providers (fintech firms).

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Chambers and Partners, 2022

‘well equipped to advise on the full gamut of transactional and regulatory mandates’

‘Its diverse expertise includes sector-specific knowledge of the mining, telecoms, tourism and real estate industries’

IFRL 1000, 2020

‘a quality firm providing a quality service’

Legal 500, 2021

‘very knowledgeable in banking and finance regulations in both Kenya and the rest of East Africa’

• We assisted Transnet SOC in opposing a class action by pensioners brought against the Transport Pension Fund, the Transnet Second Defined Benefit Fund and Transnet SOC seeking declaratory relief and related damages. This is the first class action certified in South Africa and the largest civil action claim in South Africa to date.

• We advised Anheuser-Busch InBev (AB InBev) on the African elements of its exit from its 54.5 % stake in Coca-Cola Beverages Africa. The transaction was valued at USD 3.15 billion.

• We advised Harmony Gold Mining Company on its USD 300 million acquisition of the Moab Khotsong Mine, the Great Noligwa Mine and related infrastructure from AngloGold Ashanti. We were named  Energy and Natural Resources Team of the Year at the African Legal Awards in 2018 for this work.

• We assisted the Airports Company of South Africa to defend its procurement decision not to appoint security service providers to its panel. The aggrieved service providers brought an urgent application to stop the implementation of the panel, as well as a further application to review and set aside the decision not to appoint them to the panel.

• We advised Gold One Group (G1) on the refinancing and upsizing of a USD 200 million margin loan facility provided by the Bank of America NA to G1, and secured by Sibanye Gold’s shares listed on the Johannesburg Stock Exchange. The loan was to enable G1 to subscribe and pay for further shares in Sibanye Gold under its rights issue.

• Bowmans advised as South African counsel to KIK Custom Products Inc, one of North America’s largest independent manufacturers of consumer packaged goods, in relation to its acquisition of the Prestone Group. Holts Proprietary Limited is the wholly owned South African subsidiary of the Prestone Group.