LAWFUEL – The Law News Network – Linklaters advises Dexia BIL on sale of UK private banking business Linklaters has advised Dexia Banque Internationale à Luxembourg S.A. on the sale of its UK private banking business to Rathbone Investment Management Ltd, a wholly owned subsidiary of Rathbone Brothers Plc.
Dexia’s UK private banking business consists of a combined fund management and lending and deposit-taking business. The transaction comprises approximately £580m assets under management, a £50m loan book and an additional £20m of deposits.
The transaction was announced on 13 January 2006 and is expected to complete in April 2006, subject to approval being granted by the appropriate authorities.
Linklaters’ team was led by London-based corporate partner Stephen Blackshaw and associate Jeremy Kutner, and included lawyers in Linklaters’ corporate, financial markets, employment and tax practices.
Stephen Blackshaw commented: “We are very happy to have worked on another transaction for Dexia. Because the sale includes Dexia private bank’s UK deposit-taking activities, the entire business will transfer by the relatively new court scheme transfer process.”
Addleshaw Goddard acted as legal adviser to the purchaser.