South Africa > Banking and finance
Banking and finance
Deneys Reitz Inc has been at the forefront of the banking market for some years, and in Lionel Shawe and Kevin Cron, has two of Johannesburg’s premier finance experts. According to one client, Shawe is ‘a world-class lawyer and is highly experienced in South African transactions’. Their 30-strong team advises local banks such as Investec and Rand Merchant Bank, as well as international players such as Citi and JPMorgan Chase. Examples of recent transactions include advising Deutsche Bank on Mobile Telephone Networks Holdings’ $1.4bn note programme; and Toyota Financial Services as issuer on a $405m note programme.
Thirty finance lawyers cover all aspects of banking at Edward Nathan Sonnenbergs Inc for a blend of local banks such as Standard Bank and Nedbank, as well as international names such as HSBC and Barclays. Described by a major bank as its ‘firm of choice’, it has a notable niche in aviation finance, as well as restructuring, it has recently played a prominent role on the restructuring of BAT. On the capital markets side the team has advised Nedbank on a R10bn medium term note programme; and Standard Bank on Blue Granite 3, a R5bn RMBS securitisation programme.
Werksmans Attorneys has a history of working on groundbreaking deals: for example for Telkom on its IPO. Clients describe finance head Wildu du Plessis as ‘pragmatic’ and ‘commercial’ and ‘one of South Africa’s best lawyers’. Lavish praise for other team members include Kevin Trudgeon and Amelia Heeger (who is ‘extremely knowledgeable and very efficient’). The firm advises all South Africa’s major banks: recently Standard Bank and FirstRand Bank on the introduction of R25bn BEE equity into Sasol Limited; and South African National Roads Agency on its R10bn domestic medium term note programme.
Two dedicated partners and nine associates at Bowman Gilfillan cover all aspects of complex financing, including structured finance and derivatives. Clients describe the team as ‘very good and very responsive’. The likes of Credit Suisse and Merrill Lynch have been advised on establishing banks or branches locally, and other exemplary deals include Standard Bank on its R4.4bn offer for Liberty Holdings; and Industrial & Commercial Bank of China on its R36bn acquisition of a 20% interest in Standard Bank Group.
DLA Cliffe Dekker Hofmeyr’s two recent mergers have built upon Cliffe Dekker’s already solid credentials on the Johannesburg banking scene. Joz Coetzer is a well-regarded name in the market, and provides ‘outstanding service’ to clients. Coetzer’s team in 2008 has advised Standard Bank on various financings, as well as the Department of Public Enterprises on loans. On the insolvency side, the firm has acted on the restructuring of South African Airways; and also for the joint liquidators of Hyundai Motors Distributors.
Glyn Marais Inc (formerly Jowell Glyn & Marais) is smaller than many competitors, but picks up its share of major transactions. Sanlam Limited was advised on the refinancing of its complex BEE deal; as was Santam Insurance, for which the firm acted on the insurance sector’s first short term regulatory bond. Property has been a boom sector for the firm, with Absa using the firm for property finance advice. Richard Glyn ‘provides a very professional and knowledgeable service’, and is ‘very responsive and practical in their approach and meet very tight deadlines’.
Webber Wentzel’s Karen Couzyn has extensive experience on securitisation and other debt capital market transactions, and recently advised Standard Bank and Anglo American on bond issues; and Investec on securitisation. Glowing praise from banking clients includes: ‘We found them to be very efficient and to provide good quality advice.’ Projects are a strong niche, with Brigette Baillie often described as the country’s leading projects lawyer.
Bell Dewar is especially strong on projects and PPP deals, mainly for local banking clients. Nedbank and Investec were advised as lead arrangers on the award-winning Seacom deal, a $650m fibre optic cable linking South Africa with Asia and Europe, and on the PPP side, the firm has in 2008 advised the departments of Justice and Health. Senior partners in particular, such as Lara Bezuidenhoudt, come in for praise from clients.
Johan Brink operates a quality boutique finance practice at Brink Cohen Le Roux, where he has recently advised AFGRI Operations on multi-billion Rand debt restructuring. The team is also advising the City of Johannesburg on R6bn ‘Jozibond’ fundraising.
Al Gourley has led Canadian natural resources sector firm Fasken Martineau DuMoulin LLP since its launch in Johannesburg in 2003. Gourley leads two other partners and four associates on cross-border transactions across Africa, although examples of local work would be acting for Standard Bank as lender on a bridging finance facility for Platmin Limited’s Pilanesburg platinum mine in South Africa, and subsequently acting for Standard Bank and Standard Chartered Bank on the project financing of Platmin Limited’s Pilanesburg platinum mine.
Global finance giant White & Case LLP International Lawyers is especially strong in projects, where it could claim to be the premier global brand. Six partners in Johannesburg, who work closely with London, enjoy entrenched relations with international banks. US securities partner Gabor Molnar is experienced acting for South African private equity businesses, and in 2008 advised Starcomms, including shareholders ECP and Actis, on a Nigerian share issue.