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
Publications: 17 FEBRUARY 2020
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector.Read more
News: 12 FEBRUARY 2020
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.Read more
News: 11 FEBRUARY 2020
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.Read more
News: 07 JANUARY 2020
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.Read more