FirstRand Picks BofA, RMB to Advise on Sale of UK Aldermore Unit

FirstRand Ltd. hired Bank of America Corp. and its own investment-banking arm, Rand Merchant Bank, as advisers to help it sell its UK-based Aldermore Group and exit the European market, a spokesperson for the South African lender said.

The bank, among the continent’s biggest, is using a dual-adviser structure in an effort to widen the pool of potential buyers for the UK-based specialist-banking subsidiary that it bought in 2017.