HBOS to kick off review of European advisers
HBOS is set to review its European advisers with the banking giant expected to centralise its management of outside counsel. The banking and insurance giant refused to comment on the process, which is believed to be overseen by HBOS head of group legal operations Brian Fisher.
May 03, 2007 at 12:55 AM
2 minute read
HBOS is set to review its European advisers with the banking giant expected to centralise its management of outside counsel.
The banking and insurance giant refused to comment on the process, which is believed to be overseen by HBOS head of group legal operations Brian Fisher.
However, three separate partners at HBOS advisers have indicated that the bank is gearing up to review its Europe-wide legal arrangements this summer.
The bank last embarked upon a formal review of its external legal counsel in 2002, a year after HBOS
was formed by Halifax's £28bn merger with the Bank of Scotland.
The bank also refused to comment on reports that it has effectively split its continental European and North American teams or that director of legal services John Veale, who had headed up the combined Europe/North American team, has relocated to Toronto.
HBOS, which has an in-house legal team of around 50 lawyers and an estimated annual legal spend of £30m, currently instructs Allen & Overy, Denton Wilde Sapte, Travers Smith, Macfarlanes, Lovells, Linklaters, Herbert Smith and Burges Salmon in the UK.
One partner with an HBOS adviser said the review would look to formalise the bank's advisers on the Continent.
He said: "They are trying to systemise the business that has grown rapidly in the past few years in Europe. One of the immediate priorities is a fact-finding mission in Europe."
Indications that HBOS is reviewing its legal arrangements come at a busy time for finance reviews with Barclays and Royal Bank of Scotland recently reviewing their external advisers.
Additional reporting by Caroline Grimshaw.
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