Financial Regulation

Our key experience includes advising:

HM Treasury and UK Financial Investments on a range of matters arising out of the financial crisis including, on the resolution action taken in relation to Northern Rock and Bradford & Bingley; the recapitalisations of Lloyds, HBOS and RBS; the implementation of the UK Asset Protection Scheme; and the subsequent reorganisation of Northern Rock and Bradford & Bingley.

Post Office Limited, on an ongoing basis, on its joint venture with Bank of Ireland group for the distribution of Post Office branded financial services products through the Post Office branch network, via the telephone and website.

Chi-X Europe and its consortium of board represented shareholders on the sale of Chi-X to BATS Global Markets, Inc. The deal will create the largest pan-European trading centre in terms of market share and notional value traded.

RBS Asset Management (through its Special Opportunities Fund) on the acquisition of Whiteaway Laidlaw Bank Limited from the Manchester Building Society and on associated capital investments by RBS Asset Management in Whiteaway Laidlaw.

Aviva, in connection with the termination of its long-standing bancassurance joint ventures with the Royal Bank of Scotland Group plc, and entry into a new distribution arrangement with the same party.

Henderson Group on the proposed recommended share acquisition of Gartmore Group Limited. The acquisition will create one of Britain’s largest retail asset managers with £78 billion under management.

Standard Life on an agreement with Barclays Bank PLC to sell Standard Life Bank plc, its UK mortgage and savings business, for £226 million, and on the sale of Standard Life Healthcare Limited to a subsidiary of Discovery, for £138 million.

Santander UK on its agreement to acquire the parts of the banking businesses of the Royal Bank of Scotland Group which are carried out through its RBS branches in England and Wales and its NatWest branches in Scotland; and Santander UK, Langton Securities (2010-1) and Langton Securities (2010-2) on two residential mortgage backed securitisations.

Clive Cowdery on the establishment of Resolution Limited; and Resolution Limited on its subsequent acquisitions of Friends Provident and the AXA UK Life Business.

Standard Chartered Bank on a rights issue to raise approximately £3.3 billion (net of expenses), its issue of American Depositary Shares and the issue of US$1,500,000,000 9.5 per cent. step-up callable perpetual preferred securities.

An insurance company in connection with a longevity swap entered into for the purposes of hedging part of the longevity risk associated with the client's book of annuity business.