The two firms are acting for the bank’s biggest shareholders – hedge funds SRM Global and RAB Capital.
White & Case is acting for SRM, which last week increased its stake in the bank to more than 9% in a move that saw it replace RAB as the beleaguered lender’s largest shareholder. The
The Nabarro team acting for RAB is being led by corporate partner Ian Binnie, who is a regular adviser to RAB, having brought the client to Nabarro when he joined the City firm from McGrigors just over a year ago.
The two firms are the latest in a raft of
Allen & Overy (A&O) has two roles, advising both Sir Richard Branson’s Virgin Group as the preferred bidder for Northern Rock and the bank itself on its emergency funding facility from the Bank of England.
Freshfields Bruckhaus Deringer is advising Northern Rock, while magic circle rivals Clifford Chance and Slaughter and May are respectively acting for the Bank of England and the Treasury.
Meanwhile firms involved in rival bids include Herbert Smith, which is acting for JC Flowers, Ashurst, advising Cerberus, and Sullivan & Cromwell, with is representing Olivant.
Linklaters was also involved at an early stage, with the City giant acting for Lloyds TSB on its initial interest in Northern Rock.
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