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Clydesdale Bank has named Eversheds, Harper Macleod, Morton Fraser and Optima as the four firms on its new recoveries panel.
The four firms were cut from the bank’s slimmed-down national roster earlier this month when Clydesdale cut the panel in half (29 July 2014). But they have all been placed on the bank’s new recoveries panel, which sits alongside its retail, business and private banking and national rosters.
The bank shrank the panel from 14 to seven spots but has now re-packaged several advisers into new sub-panels.
As well as the new recoveries panel, Clydesdale split out its commercial real estate panel under parent group National Australia Bank (NAB). Its loss-making real estate portfolio was handed to NAB in in a 2012 restructure (12 May 2014).
The bank is also creating a business and private banking roster with regional panels within it as well as a separate retail panel.
The recoveries appointment spells a continuation for Harper Macleod and Eversheds, both understood to have previously provided restructuring and insolvency services to the bank.
Harper Macleod will also continue to provide advice on business and private banking SME work in the East and West of Scotland. The firm has also expanded its role to act for corporate clients but was not one of the seven to be named as a national adviser.
A Clydesdale spokesperson said: “The bank has strong relationships with each and looks forward to continuing to work closely with these firms.”
The review was led by legal projects head Jill Brown, who heads up the bank’s projects division under general counsel Jennifer Darbyshire.