A&O advises Nationwide on Dunfermline loans portfolio
Allen & Overy (A&O) is advising longstanding client Nationwide on its bid to purchase collapsed building society Dunfermline's portfolio of social housing loans worth £670m. The building society has been selected as the preferred bidder for the loans book, which was transferred from Dunfermline to Bank of England-owned DBS Bridge Bank earlier this year while a permanent home was sought.
July 02, 2009 at 04:46 AM
2 minute read
Freshfields acts opposite A&O on talks to sell social housing loans
Allen & Overy (A&O) is advising longstanding client Nationwide on its bid to purchase collapsed building society Dunfermline's portfolio of social housing loans worth £670m.
The building society has been selected as the preferred bidder for the loans book, which was transferred from Dunfermline to Bank of England-owned DBS Bridge Bank earlier this year while a permanent home was sought.
A&O corporate partner Richard Slynn has stepped in to advise Nationwide on the acquisition of the loans and related deposits, working as part of a team led by corporate counsel Ben Koehne and also including banking partners Jennifer Marshall and Greg Brown.
The Bank of England has turned to regular adviser Freshfields Bruckhaus Deringer, with financial institutions partner Michael Raffan, who manages the firm's relationship with the bank, leading the team.
Slynn said: "This deal marks the further development of the fallout from the credit crisis and hopefully the remaining building societies will be able to ride out the rest of the recession."
The loan book sale comes after Dunfermline went into administration in March. Nationwide took over parts of the business including its mortgage lending book, retail deposits and 34 branches and retail sites. Other parts of the building society, including the social housing loans portfolio, transferred over to DBS as part of the rescue.
A&O acted for Nationwide on the original Dunfermline deal, which marked the first rescue under the UK's newly-launched Banking Act. The Act gives the Bank of England new powers to take more decisive action in critical situations.
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