DLA Piper has advised FirstRand Limited, the largest financial institution by market capitalisation in Africa, on the recent transfer of the clients, banking assets and liabilities, and employees of HSBC South Africa to FirstRand’s wholly owned subsidiary FirstRand Bank Limited.

A cross-border, multi-practice team from DLA Piper’s South Africa and UK offices worked on this transaction and was led by Corporate directors Johannes Gouws and Lorica Elferink. Johannes and Lorica were supported by South African Corporate director Amy Eliason, associate Mia Dupper, Employment director Monique Jefferson and senior associate Justine Katz, Competition director Werner Rysbergen and associate Dharshini Naidoo, IPT associate Humayra Hajat, Finance director At van der Merwe and associate Julia Hoffman. The UK team consisted of partners Charles Cook (Corporate) and Sophie Lessar (IPT), legal director Jennifer Dale, and senior associate Jamie O’Neill.

Johannes Gouws commented: “We are very proud to have acted for FirstRand, it gives us great satisfaction when we can work with our clients on strategic transactions of this nature.”