Appleby Advises Santander On Jersey Restructuring
by Jason Gorringe, Lowtax.net, London
04 June, 2015
Offshore law firm Appleby announced that it has acted as offshore counsel to Santander in connection with the reorganization of its private banking division in Jersey.
The firm advised on the consolidation of Santander's Jersey businesses within the Jersey branch of Santander UK plc.
The transaction was made under the Banking Business (Jersey) Law 1991, which allows a Jersey deposit-taking business to be transferred from one bank to another by means of a Court-sanctioned scheme.
The Court sanctioned the transfer of deposit-taking business with effect on June 1, 2015, from Abbey National International Limited to the Jersey branch of Santander UK plc at a hearing of the Royal Court of Jersey on May 8, 2015.
The Appleby team was led by Wendy Benjamin, Practice Group Head for the Corporate Department in Jersey. Benjamin said: "This is the third time in the last two years that Appleby in Jersey has advised on the transfer of a banking business by way of a Court-sanctioned scheme. Schemes provide a flexible and cost-effective method to banking groups for business reorganizations with minimal disruption to clients. During a time of intense regulatory change, we anticipate further strategic reorganizations of banking groups, including offshore subsidiaries and branches, as banks assess capital requirements, operational efficiencies and ring-fencing requirements."
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