All relevant regulatory authorities have completed the approval process for the acquisition of the Ansbacher Group by Qatar National Bank (QNB).
The agreement followed a strategic review by Ansbacher and its parent, FirstRand, leading to the emergence of QNB as the right strategic partner for Ansbacher. Richard Spilg, CEO at Ansbacher, says * “We can now move confidently forward in developing and growing the Ansbacher brand with our new shareholder.”*
The CEO says that for all staff and management in Ansbacher, the deal presents a unique opportunity to work closely with a shareholder who is committed to the company’s future and who has the ability to generate business flows that will realise the inherent value in the Ansbacher franchise. *”This is likely to mean new services, new offices, and stronger revenue growth over time,”* continued Mr. Spilg.
Saeed Al-Misnad, Group Chief Executive at QNB, points out they are delighted that plans for Ansbacher can now go ahead with full regulatory approval. QNB has an extremely large and growing HNW client base for whom it needs to develop wealth management products and solutions, and he says *”Ansbacher is the ideal partner to meet those needs, providing QNB with the means to fulfill its strategic expansion objectives.”* QNB is rated in the world’s top 50 banks in terms of capital strength.
Ansbacher is retaining its separate brand and identity within QNB, with all current locations remaining within the group.
Ansbacher (Bahamas) Limited (formerly the Bahamas International Trust Company Limited or “BITCO”) is the second oldest offshore bank and trust company in The Bahamas, having been established in 1957. It offers a comprehensive range of wealth management services that include Private Banking, Fiduciary and Investment Management.
Managing Director Ian Towell reports that following a recent group initiative to consolidate Caribbean Private Banking in The Bahamas, the company has a Balance Sheet in excess of $300 million and funds under administration (securities in custody and trust assets) of approximately $2 billion.
As part of an international group, Ansbacher has offices in seven jurisdictions: London, Jersey, Guernsey, Bahamas, Cayman Islands, Zurich and Dubai.