Appleby provided Jersey, Guernsey, Isle of Man and Cayman legal advice in connection with the disposal by Lombard, the asset finance division of RBS, on the £150m sale of its offshore Channel Islands division by way of portfolio sale to specialist lenders Investec and Shawbrook Bank. Working alongside lead counsel Addleshaw Goddard, Appleby provided multi-jurisdictional advice on the transaction, evidencing the collective strength of the team across the jurisdictions.
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.
Commenting on the transaction James Gaudin said: “We are delighted to have supported Addleshaw Goddard on the offshore aspects of this transaction. This is another excellent example of the experience and expertise of our global team.”
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.