Four City firms advise Government on banks sell-off

Slaughters had been sole adviser to United Kingdom Financial Investments (UKFI), the body that manages the Government’s stakes in RBS, Lloyds, Bradford & Bingley and Northern Rock, since the start of the crisis in September 2007.

Corporate partner Charles Randell (pictured) has led the Slaughters team that has advised the Government on deals yielding more than £25m for the firm since the demise of Northern Rock.

UKFI has now been able to establish a panel to handle the work that will come from the sale of the Government’s existing stakes. It currently owns 84 per cent of RBS and 43 per cent of Lloyds.

It is understood that as many as 17 firms were in the running for places on the panel.

Herbert Smith has acted for Bradford & Bingley and Bank of Ireland in recent times, advising the former on its part-nationalisation in September 2008.

Herbert Smith and Slaughters are the only two of the quartet to have also been appointed to the Treasury’s panel advising on the implementation of new legislation to stabilise the financial industry.

Lovells was also appointed to the new Treasury panel last month (2 November 2009).