SJ Berwin closes innovative PE bank acquisition
SJ Berwin has advised on a groundbreaking deal that has seen a private equity fund awarded a banking licence for the first time.
July 10, 2009 at 06:43 AM
2 minute read
SJ Berwin has advised on a groundbreaking deal that has seen a private equity fund awarded a banking licence for the first time.
The firm advised Anacap Financial Partners as it bought Ruffler Bank, with the bank becoming the first deposit-taking institution in the UK to be acquired by a private equity investor.
London-based corporate partner Perry Yam advised on the deal, which saw the Financial Services Authority grant Anacap a banking licence enabling it to run the business, which was being sold by owner Roy Ruffler ahead of his retirement. Anacap will inject around £80m into the business.
Following the deal's close, SJ Berwin has seen interest from other private equity investors hoping to gain access to the banking industry, as well as from bank owners looking for sale opportunities.
Yam said: "Given the uncertain economic climate, and the fragmented sub-sector with lots of smaller 'banks' whose assets may be under-performing, there are value considerations and potentially lucrative opportunities for the right purchasers. I am now receiving calls from private equity houses wondering how to get hold of a licence. This is a new area which could generate a lot of work."
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