The team from A&O is led by London-based corporate partner David Broadley alongside HBOS relationship partner Alistair Asher. They are being assisted by senior associates Ben Jacobs and Nick O’Donnell.
City rival Freshfields Bruckhaus Deringer, led by corporate partner Simon Witty, advised Morgan Stanley and Dresdner Kleinwort as joint financial advisors and brokers on the deal.
Commenting on the move, HBOS chief executive Andy Hornby said: “The actions we have announced today achieve a step-change in our capital strength and [allow] us to consolidate our competitive position in our core markets.
“We are planning for a more challenging environment ahead and the proceeds of the rights issue should ensure that we benefit from strong ratios even if the macroeconomic environment deteriorates further. In the long term we remain optimistic about the fundamental prospects for our core businesses.”
The news comes after rival
