Addleshaws and Linklaters take lead roles on Citi's Egg sale
Addleshaw Goddard is advising Yorkshire Building Society on its acquisition of internet bank Egg's mortgage and savings business from Citigroup. The deal will see the UK's second largest mutual lender acquire Egg's £2.5bn savings book and a £430m mortgage book, as well as the Egg brand.
July 27, 2011 at 08:25 AM
2 minute read
Addleshaw Goddard is advising Yorkshire Building Society on its acquisition of internet bank Egg's mortgage and savings business from Citigroup.
The deal will see the UK's second largest mutual lender acquire Egg's £2.5bn savings book and a £430m mortgage book, as well as the Egg brand.
Addleshaws is fielding a team for Yorkshire Building Society led by corporate partner and financial services markets team head Ian McIntosh and managing associate Dahren Naidoo.
Linklaters is advising Citi on the sale, which comes after the bank, which acquired Egg from Prudential in 2007 for £575m, sold Egg's credit card assets to Barclays in March. That deal saw Freshfields Bruckhaus Deringer advise Barclays and Linklaters corporate partner Casper Lawson advising Citi.
Citi originally put Egg up for sale last summer but was unable to find a buyer for the whole bank.
Addleshaws' appointment for Yorkshire is the latest in a string of building society mandates for the national firm.
The firm is advising Norwich & Peterborough Building Society on its proposed merger with Yorkshire, which is expected to be completed in November this year, after last year advising Chelsea Building Society on its merger with Yorkshire. The firm has now worked on the last 19 building society mergers.
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