Lloyds invites firms to pitch for first post-merger panel
Lloyds Banking Group has embarked upon a full UK panel review, creating a combined roster for Lloyds TSB and HBOS for the first time. The banking giant has invited a large number of UK law firms to pitch for the review, with a view to creating a new panel with firms appointed along practice lines.
June 09, 2010 at 05:17 AM
2 minute read
Top banking roles up for grabs as Lloyds and BNP review advisers
Lloyds Banking Group has embarked upon a full UK panel review, creating a combined roster for Lloyds TSB and HBOS for the first time.
The banking giant has invited a large number of UK law firms to pitch for the review, with a view to creating a new panel with firms appointed along practice lines.
Lloyds only invited firms to pitch for the new panel at the end of last month, but is targeting a rapid completion with results expected over the coming two months.
In addition, Lloyds has indicated to panel firms that it will also be looking at a larger, global review over the next 18 months.
Lloyds TSB's UK panel arrangements were last reviewed in January 2009 after its merger with banking rival HBOS had been agreed but not yet completed.
Current advisers on the main panel include Allen & Overy (A&O), Norton Rose, Linklaters, CMS Cameron McKenna, Hogan Lovells, Eversheds and Denton Wilde Sapte. Sub-panel firms also include Forsters and Herbert Smith.
Prior to the merger, A&O was one of the most frequent advisers to HBOS, but the bank also instructed UK firms including Dentons, Travers Smith, Macfarlanes, Linklaters, Herbert Smith, Burges Salmon and legacy firm Lovells.
In a statement, Lloyds said: "Like any other company, we undertake regular reviews of our supplier relationships to ensure we are getting the best service. We will continue to work with external suppliers when there is a benefit to the group or its customers."
The news comes as BNP Paribas is also expected to review its external law firm arrangements later this year. The French-based banking group recently appointed Herbert Smith's Paris banking head, Georges Dirani, as its new global general counsel. Dirani will take up the new role from 1 October.
Herbert Smith is not among the eight firms on the bank's global panel – which are Gide Loyrette Nouel, A&O, Clifford Chance, Linklaters, Hogan Lovells, White & Case, Norton Rose and Ashurst – but it is understood that the law firm was recently appointed as a preferred adviser in around 10 countries worldwide.
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