South African bank offloads Ansbacher

Friday 26 January 2007 21.05
Ansbacher report - Qatar Bank takeover
Ansbacher report - Qatar Bank takeover

South African bank FirstRand is to sell the Ansbacher Group to Qatar National Bank for £135m.

The Ansbacher Group includes Ansbacher (Cayman) Ltd, the bank at the heart of the investigation by inspectors into the Ansbacher accounts.

Earlier this year, Revenue confirmed that it had reached a settlement of €7.5m with FirstRand in connection with the investigation into the Ansbacher accounts.

The Ansbacher Report, published in 2002, found evidence that Ansbacher (Cayman) operated a 'sham' trust structure that facilitated widespread tax evasion from the late 1970s to the late 1990s.