LawFuel.com – UK Legal Newswire – Clyde & Co LLP has acted for Group 4 Securicor (G4S) in their recent agreement to provide a cash management solution to First Trust Bank (FTB) in Northern Ireland.
As part of the transaction, G4S will use its state-of-the-art cash centre in Northern Ireland to provide a full cash management service to First Trust Bank’s ATMs and their customers in Northern Ireland. The service will allow FTB to reduce its operating costs and concentrate valuable resources on core revenue generating activities.
Nick Purnell, the Clyde & Co partner who led the team representing G4S commented:
“This cash management solution is the second that we have developed with G4S specifically for Northern Ireland. The first was completed for Northern Bank in May of last year. The deals in Northern Ireland have the added complexity of covering the different regulatory regime in Northern Ireland, which permits the four Northern Irish banks (i.e. the Bank of Ireland, Northern Bank, First Trust Bank and Ulster Bank) to issue their own branded notes. Although, in Northern Ireland, the banknotes issued by the four Northern Irish banks are not legal tender (nor, in fact, are Bank of England notes); they are collateralised with the Bank of England. The deal has to be approved by the HMRC (Stamp Taxes) and, as the banks are subject to the FSA, it is also subject to the MiFiD outsourcing requirements.”
Nick was assisted by Jason Okines, Alan Meneghetti and Christina Chung. FTB were represented by Denton Wilde Sapte.