Court confirms it is reasonable for banks to look out for themselves

The English Court of Appeal has confirmed a High Court decision that a bank does not need to take into account the interests of a contractual counterparty when exercising its discretion on a ‘commercially reasonable’ basis. The use of such a term did require the bank to act in an objectively reasonable manner, but it was fully entitled to put its own interests ahead of those of the counterparty.

In Barclays v Unicredit, Barclays’ refusal to give consent to an early termination of loan securitisation unless it received five years’ fees was upheld to be ‘commercially reasonable’…

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