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Mutuals and Building Societies

This experience enables us to take an informed and commercial view of situations and give advice to clients which combines legal accuracy and practical experience.

The practice has advised on a number of market firsts, including the creation of the UK's first 'super-mutual' under the Butterfill Act, the first acquisition under the Banking Act 2009, the first covered bond by a building society and the use by building societies of self-issued covered bonds to access central bank funding.

We have advised societies and other mutuals, and entities dealing with them, for many years and have considerable experience and expertise in advising on constitutional issues, directors' duties and corporate governance, regulatory matters (including regulatory investigations), defence issues and strategic transactions (including mergers and acquisitions).

In addition, we have advised on numerous building society covered bonds and securitisations. Other areas on which we regularly advise societies and finance arrangers include public senior and subordinated debt issues, medium term note (MTN) and commercial paper (CP) programmes, transfers of mortgage portfolios, commercial lending, project financing, housing association financing and other types of treasury transactions. We also advise societies on regulatory capital, liquidity, mortgage regulation, consumer credit, unfair contract terms, employment, pensions and incentives matters, tax, data protection, intellectual property, outsourcing, electronic communications and insurance.

News & insights

Key regulatory topics

Publications: 17 FEBRUARY 2020

Key Regulatory Topics: Weekly Update 07 February - 13 February 2020

Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector.

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News: 12 FEBRUARY 2020

Allen & Overy advises Oesterreichische Kontrollbank on its $1.5bn bond offering

Allen & Overy advised Oesterreichische Kontrollbank on legal aspects of its public offering of $1.5 billion of 1.500% Guaranteed Global Notes due 2025. The bonds are guaranteed by the Republic of Austria and will be listed on the regulated market of the Luxembourg Stock Exchange.

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News: 11 FEBRUARY 2020

Allen & Overy hosts Inaugural Canadian Banks Workshop

Allen & Overy hosted our Inaugural Canadian Banks Workshop in Toronto, Ontario on January 30, which brought together legal and business teams from RBC, Scotiabank, BMO and T.D. Bank, for a one-day seminar on how to handle a shifting regulatory and legal landscape.

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News: 07 JANUARY 2020

A&O rounds off 2019 with stellar performance in global M&A league tables

A&O has marked the end of Q4 2019 with a stellar performance in the M&A league tables; the result of advising on a number of complex, high-value transactions in a wide range of sectors and markets, around our global network in 2019. 

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Our Building Societies and Mutuals practice

Our Building Societies and Mutuals practice includes specialists with specific sector experience across a range of practice areas