North East firm Rollits has been appointed as sole legal adviser to the newly-created Charity Bank
The firm secured the mandate because of the reputation of the head of its charity group Ros Harwood. During its 10-year development period, Charity Bank was advised by the London and East Anglia firm Bates Wells & Braithwaite. Charity Bank, which was launched last week by the Chancellor Gordon Brown, is the UK's first not-for-profit bank. It offers loans at a preferential rate to charitable organisations, which have problems borrowing from commercial lenders. Charity Bank hopes that, by encouraging savers to accept a lower rate of interest, it can pass that saving on to its borrowers. Harwood and Richard Field, the head of Rollits' company and commercial group, said in a joint statement: "We are delighted to have been appointed as the bank's lawyers. It is a prestigious appointment and an endorsement of the high quality of work and level of service we provide to our clients, both in the commercial and not-for-profit sectors."