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Close Brothers Group - Acquisition of deposit book
Slaughter and May is advising Close Brothers Group plc ('Close Brothers') on the acquisition of the retail structured term deposit book of Dunbar Bank plc, a member of the Zurich Financial Services Group, for a premium of £1.5 million.
The acquisition, which was announced on 21 February 2011, will be effected by a scheme requiring the approval of the High Court under Part VII of the Financial Services and Markets Act 2000. On completion Close Brothers will take on approximately £300 million of deposits and will receive a cash payment from Dunbar of approximately £298.5 million, representing the total asset value at that time, less the agreed premium.
Contacts
Roland Turnill (partner), Stuart Whitty (associate); Financial Regulation: Ruth Fox (partner), Michael Raymond (associate); Tax: Mike Lane (partner), Owen Williams (associate)
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