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November 15, 2007
LONDON, November 15, 2007 - Covington & Burling LLP is pleased to announce its role in advising Bank of China’s London Branch on the transfer of its UK retail and part of its UK corporate banking business (based in London, Birmingham, Manchester and Glasgow) to Bank of China (UK) Ltd. Bank of China (UK) Ltd is a newly established UK bank and a wholly-owned subsidiary of the Bank of China.
The transfer was undertaken by way of a Court approved banking business transfer scheme under the Financial Services and Markets Act 2000 and establishes a basis for the development of the Bank’s retail and corporate banking business in the UK and Europe.
Covington’s London office led the transaction which involved advising on all corporate and regulatory aspects of the transfer and the scheme, including related due diligence, and on employment, data privacy and IP / IT issues. Bank of China is a new client of the firm.
The Covington team was headed by corporate and financial services regulatory partner Simon Currie and included partner Louise Nash, associates Paul Koffel, James Baillieu, Shamma Iqbal and Victoria Hanley (corporate), trainee Rajvinder Jagdev (corporate), and of counsel Dan Cooper (data privacy).