Herbert Smith advised longstanding client B&B, fielding a team under
Restructuring advice was provided by
Slaughter and May, meanwhile, acted for the UK Government, which officially nationalised the struggling bank this morning (29 September).
London corporate partner Charles Randell led a team including finance partners George Seligman, Guy O’Keefe, Matthew Tobin and Sarah Paterson, dispute resolution partner Elizabeth Barrett and financial regulatory partner Ben Kingsley.
Freshfields advised longstanding client Bank of England on its role in securing Bradford & Bingley, with London corporate partner Michael Raffan led the team, alongside corporate partners Graham Nicholson and Philip Richards, structured finance partner Alan Newton and restructuring partner Richard Tett.
B&B is the second bank to be taken on by the Government this year after Northern Rock’s nationalisation in February. Slaughters' Randell led a team on that deal, advising the Treasury.
Meanwhile, Ashurst advised Abbey on its acquisition of B&B’s £20bn deposit business, which includes 200 branches. The team was led by corporate partners Clive Tucker, James Perry and newly-appointed senior partner Charlie Geffen. Abbey is owned by Spanish banking group Santander.
The news comes as effects of the financial downturn continue to to be felt throughout the UK, following on from Lloyds TSB's £12.2bn takeover of HBOS.
Allen & Overy (A&O) and Linklaters took the top roles on that deal, with A&O acting for HBOS while Linklaters advised Lloyds TSB.Keep abreast of all the latest post-Lehman developments in our Legal Week Wiki special.
