Offshore law firms have been talking about incorporated cell companies (ICC) for so long that they were beginning to look like an urban myth. But the first two transactions have now been completed with Ogier winning a role on both deals. ICCs are a company made up of different cells that contain different assets, but, unlike a protected cell company, each cell is treated as a separate legal entity. The firm acted for Bank Société Générale in launching the first ICC to be set up in Jersey. Ogier also won an instruction from Nordea Bank Danmark, which converted a purchasing company to accede to the Viking €2bn (£1.37bn) multi-currency asset-backed commercial paper programme into a cell of an ICC.