Top firms head up Scots building society rescue

Freshfields Bruckhaus Deringer, Slaughter and May, Allen & Overy (A&O) and SJ Berwin are all advising on the rescue package, which will see parts of Dunfermline's businesses transferred to Nationwide Building Society and DBS Bridge Bank, which has been set up as a temporary measure by the Bank of England.

The remaining portions of Dunfermline's business have been placed into administration, with KPMG appointed as administrator.

This is the first rescue under the newly-launched Banking Act, which gives the Bank of England new powers to take more decisive action in critical situations such as this.

Freshfields is thought to have fielded two separate teams on the transaction, advising both the Bank of England and KPMG.

The team advising the Bank of England is being led by financial services chief Michael Raffan, with assistance from global finance chief Alan Newton, tax partner Richard Ballard, corporate partner James Smethurst and restructuring partner Richard Tett. London restructuring partners Neil Golding and Nick Segal (pictured) are advising KPMG.

SJ Berwin acted as conflict counsel to the accountancy firm, with restructuring partner Mike Woolard taking the lead role.

Dunfermline turned to Scottish firm Tods Murray, with Edinburgh finance partner Hamish Patrick and employment partner Robert Dobie leading.

Meanwhile, A&O acted for Nationwide on its purchase of Dunfermline's mortgage lending book, retail deposits and 34 branches and retail sites. London corporate partner Alistair Asher took lead role for the firm.

The Treasury turned to long-term advisors Slaughter and May, with finance partners George Seligman, David Bicknell and Charles Harvey-Kelly and M&A partner Richard de Carle advising.

Freshfields Bruckhaus Deringer on the Legal Week Wiki

Slaughter and May on the Legal Week Wiki