Magic Circle Trio Advise Lloyds and RBS on £54.5 Billion Banking Shake-Up

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Magic Circle Trio Advise Lloyds and RBS on £54.5 Billion Banking Shake-Up

Submitted by editor on Tue, 11/03/2009 - 10:25

Slaughter and May, Linklaters and Freshfields Bruckhaus Deringer have landed advisory roles on Royal Bank of Scotland and Lloyds Banking Group's plan to sell off branches and raise £54.5 billion, Legal Week reported. The Treasury announced Tuesday that it had concluded discussions with both banks about their participation in the Government's Asset Protection Scheme, with Linklaters picking up the mandate to advise both RBS and Lloyds. Freshfields has stepped in to advise a large consortium of underwriters including Citi, Goldman Sachs, HSBC, JPMorgan, Merrill Lynch and UBS. The firm is fielding a team led by corporate partners Julian Makin and Don Guiney. Slaughters is advising longstanding client HM Treasury, with finance partner Matthew Tobin and M&A partner Tim Pharoah leading on the APS, with corporate partner Nilufer von Bismarck advising on the capital raisings. The news follows recent announcements that nationalised UK bank Northern Rock and Dutch financial giant ING are both set to be restructured after being recapitalised by their respective governments. Read more.

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Magic Circle Trio Advise Lloyds and RBS on £54.5 Billion Banking Shake-Up

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