Addleshaw Goddard has successfully advised Lombard, the asset finance division of RBS, on the £150m sale of its offshore Channel Islands division to specialist lenders Investec and Shawbrook Bank, by way of portfolio sale.
RBS made the decision to sell its offshore asset finance division in order to comply with upcoming ring-fencing rules, which come into force in 2019, requiring banks to keep their retail operations separate from their operations outside of the European Economic Area, which include operations in the Channel Islands.
Hugh Lauritsen, corporate partner at Addleshaw Goddard who led the deal, commented: "We are delighted to have acted on this transaction for Lombard to assist RBS with their compliance with the new ring-fencing requirements in the UK, which are to take effect on 1 January 2019."
Investec will take on Lombard's Isle of Man and Gibraltar assets, while splitting the Jersey and Guernsey assets with Shawbrook.