Abbey National and Bank of Scotland

Herbert Smith’s relationship with long-term client Bank of Scotland has brought it once again into the M&A fray.

Herbert Smith corporate partner Michael Walter has been in charge of the relationship ever since moving from Stephenson Harwood several years ago.

Herbert Smith acted for Bank of Scotland on its ultimately unsuccessful bid against Royal Bank of Scotland for NatWest.

In the same way that Bank of Scotland has turned to its usual adviser for such a high-profile deal, so has Abbey National which is using Slaughter and May. The firm’s most recent advisory role was when it acted for Abbey National Treasury Services on the £1.4bn purchase of Stagecoach Holdings rolling stock leasing company Porterbrook.