Magic Circle duo instructed on Co-op banking expansion
20th July 2012
Two of the biggest law firms in the country have been instructed to provide counsel on the takeover of hundreds of Lloyds TSB retail branches by the Co-operative Group.
It was confirmed recently that the move, which will increase the Co-op’s market share to roughly seven percent, will see corporate and capital partners with some of the top London lawyer jobs supervise what has been described as the biggest shake-up of UK high street banking in a generation.
This transfer of 632 units to the Co-operative is a hugely significant development in the financial sector, effectively tripling their current presence and broadening their customer base to just less than five million people.
The transaction is not the first time this duo of private practices has been employed by the banks in question in recent years, also advising on the Co-op’s 2007 merger with United Co-operatives and the £22.5bn worth of capital that was raised by Lloyds two-and-a-half years ago.