Offshore law firm Appleby has provided Jersey, Guernsey, Isle of Man and the Cayman Islands legal advice in connection with the Royal Bank of Scotland’s (RBS) sale of offshore assets from its asset finance division, Lombard, to specialist lenders Investec and Shawbrook Bank for £150 million.
Working alongside lead counsel Addleshaw Goddard, Appleby provided multi-jurisdictional advice on the transaction.
James Gaudin, corporate partner, supported by Gemma Whale, associate with assistance from Kyle Sutherland, corporate partner (Isle of Man), Jeremy Berchem, group partner (Guernsey), and Caroline Barton, corporate partner (Cayman), led the team at Appleby from the Jersey office.
RBS made the decision to sell its offshore asset finance division in order to comply with upcoming ring-fencing rules, which come into force in 2019, requiring banks to keep their retail operations separate from their operations outside of the European economic area, which include operations in the Channel Islands.
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