Santander appoints 46 firms to global adviser roster after lengthy review
Following marathon review, Santander pulls together global legal adviser line-up
January 12, 2018 at 10:34 AM
2 minute read
Santander has appointed almost 50 law firms to a new roster of global advisers, after an 18-month review process.
The Spanish bank confirmed that it had agreed terms with 46 firms, which will then be recommended for use to its subsidiaries around the world.
Santander declined to confirm which firms had won places on the roster, but the line-up is understood to include global firms DLA Piper, Baker McKenzie and Dentons, and US firms including Latham & Watkins and Cleary Gottlieb Steen & Hamilton.
CMS, Eversheds Sutherland, Ashurst, Herbert Smith Freehills, Hogan Lovells and Bird & Bird are also understood to be on the roster.
The list of firms is not exclusive and Santander subsidiaries are free to work with firms not on the roster and also to set up local panels; for example, the bank has a separate UK panel.
The review was led by the bank's general secretary and board secretary Jaime Perez Renovales, alongside the bank's procurement arm Aquamina.
In July, the bank completed a review of its UK panel, appointing firms including Slaughter and May, Ashurst, Reed Smith, Taylor Wessing, Eversheds Sutherland, Dentons and Hogan Lovells.
The bank also has a 'pass through' panel of firms that it recommends to clients, which is reviewed separately.
All firms declined to comment.
Other major banks currently reviewing their external advisers include BNP Paribas, which has started initial interviews with its existing advisers. The process is currently in the early stages, with a full review expected to start later this year.
The French bank's last review saw first-time appointments for Freshfields Bruckhaus Deringer and Herbert Smith Freehills. Allen & Overy, Clifford Chance, Linklaters, Hogan Lovells, Norton Rose Fulbright, Cleary Gottlieb Steen & Hamilton, White & Case and Gide Loyrette Nouel were all reappointed to the roster.
Meanwhile, Legal Week also revealed earlier this week that Lloyds Banking Group had finalised its customer pay panel, with firms including Clifford Chance and CMS among those making the cut.
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