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Appleby has advised Santander on the transfer of their banking businesses in both Jersey and Isle of Man. The businesses of Santander UK plc, Jersey branch and Santander UK plc, Isle of Man branch, were transferred on 17 December 2018 into the respective Jersey and Isle of Man branches of Abbey National Treasury Services plc, pursuant to a transfer scheme in each jurisdiction, which have both received court-sanction. Appleby has previously advised on all recent similar court-sanctioned schemes in respect of deposit-taking business in both Jersey and the Isle of Man.
The Jersey team consisted of Partners Wendy Benjamin, Michael Cushing, David Dorgan, Tim Hart, and Richard Sheldon, supported by Senior Associate Gemma Whale, Associate Dilly Wright and Paralegal Angharad Prescott.
The Isle of Man team was led by Corporate Partner Juan Thornley, assisted by Senior Associate Eleanor Harding and Associate Camilla Griffiths-Rand, alongside Dispute Resolution Partner Mark Holligon, assisted by Counsel, Claire Corkish.
Speaking on the transactions, Group Head of Corporate in Jersey, Wendy Benjamin commented; “We are delighted to have advised on this complex multi-jurisdictional restructuring involving court-sanctioned schemes in Jersey and Isle of Man. We continue to be the only advisors in the Crown Dependencies with experience of this kind, which is a testament to the extensive knowledge and hard work undertaken by the Appleby team.”
Appleby has advised many banking and financial institutions on strategically important and ground-breaking offshore reorganisation projects and estimate that they have advised on the transfer of more than GBP 45 billion of deposits in the past six years. They also advise banks and financial institutions on contingency planning for the purposes of preparing bank recovery and resolution plans and preparation for Brexit, with extensive regulatory expertise across the Crown Dependencies of Jersey, Guernsey and the Isle of Man.
