25 May 2006 – LAWFUEL – Press Release Network – Lovells have advised Liverpool Victoria, the UK’s largest friendly society, on its new business partnership with Morgan Stanley. The announcement was made on 15 May 2006.
Under the terms of the deal, Morgan Stanley acquire Liverpool Victoria’s own branded credit cards and the affinity credit card it issues for the CSMA (Civil Service Motoring Association). In exchange, the friendly society will have the opportunity to offer its competitive motor and home insurance products to Morgan Stanley credit cardholders. In addition, Liverpool Victoria acquire Morgan Stanley’s existing personal loan portfolio. Liverpool Victoria has developed a strong reputation for offering a broad range of financial services including life assurance, general insurance, asset management, and banking services which Morgan Stanley will now be able to benefit from.
Roger Tym led the team on this deal which was completed to a very tight deadline. As far as we can see, this is the first time two financial institutions have swapped their loan and credit facilities. Julie Patient and Ben Regnard-Weinrabe gave primary support to Roger, with further assistance from C5 (in particular Greg Sinfield), CM3 (in particular David Latham and Sahira Kwaja), CM2 (Susan O’Riordan) and C6 (Lesley Ainsworth and Fred Houwen)