Linklaters partner Robert Elliot led the team which advised the NatWest Group on its disposal of three point of sale finance businesses to the Abbey National Group, worth £347m. Most significantly the underlying funding was £3.8bn.
The acquisition by Abbey National will enable it to further strengthen its own point of sale finance operations.
The three businesses involved in the transaction were Lombard Motor Finance, Lombard Tricity Finance and Lombard Business Equipment Leasing. The sale proceeds will be employed in the existing businesses of NatWest.
Elliot said: “We have been delighted to advise NatWest on the disposal of these three point of sale credit businesses, as it implements its current strategy. The transaction involves complex funding and re-funding activity and has drawn on expertise from across Linklaters.”