Linklaters and Slaughter and May have won lead advisory roles as the Lloyds Banking Group signs up to the Government's Asset Protection Scheme, in a deal that could gift the Government a stake of up to 77% in the bank. Linklaters has been brought in to advise longstanding client Lloyds as it transfers around £260bn of toxic assets - the majority of which relate to HBOS - to the Government and restructures the Government's stake in the bank.London corporate partners Jeremy Parr and Matthew Bland and capital markets partner Jim Rice have taken the lead roles on the transaction, which will see the bank pay the Treasury £15.5bn once it joins the asset protection scheme.
March 09, 2009 at 09:04 AM
1 minute read
The original version of this story was published on Legalweek
Linklaters and Slaughter and May have won lead advisory roles as the Lloyds Banking Group signs up to the Government’s Asset Protection Scheme, in a deal that could gift the Government a stake of up to 77% in the bank.
Linklaters has been brought in to advise longstanding client Lloyds as it transfers around £260bn of toxic assets – the majority of which relate to HBOS – to the Government and restructures the Government’s stake in the bank.
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