THERE will be no immediate alterations to the local Ansbacher operation despite the group changing ownership. Parent company FirstRand has sold Ansbacher Group to the Qatar National Bank at a premium to net asset value.

The deal is subject to regulatory approval for change of control in Ansbacher’s operational jurisdictions.

‘I can reassure staff and customers that it will be business as usual,’ said chief executive Richard Spilg.

‘There will be no change in terms of personnel or products in the immediate future.’

The group, which has banking, fund-services and yacht-management divisions in Guernsey, has been up for a sale for a year.

‘This takes away the uncertainty that has surrounded the group for the past year.

‘We now have a committed shareholder who has a very high standing in the international business community and who has an ‘A’ credit rating.

‘It is committed to the business and to our future.’

Mr Spilg said that the Qatar National Bank paid a higher-than-book-value price in recognition of the fact that it was buying into an existing business with a very long-standing brand, infrastructure and personnel.

The takeover followed a strategic review by Ansbacher and FirstRand, which concluded that the strategies of the two businesses were diverging.

Mr Spilg said that FirstRand was focused on its South African operation while Ansbacher had a global brand. With South African exchange controls, there were few synergies for the businesses. He said Qatar National Bank was domestically experienced but also had strong regional aspirations and wanted to take on Ansbacher to offer its clients a greater number of solutions and products.