Slaughter and May is advising OneSavings Bank plc on the introduction of a new holding company

Slaughter and May is advising OneSavings Bank plc on the introduction of a new holding company, OSB Group plc, by means of a scheme of arrangement, together with OSB Group plc’s admission to the premium listing segment of the Official List and to trading on the main market of the London Stock Exchange.

The reorganisation is being undertaken to facilitate the issuance of MREL-qualifying debt instruments and compliance with the OSB Group’s MREL requirements. The new holding company will also help ensure compliance with the OSB Group’s ‘single point of entry’ resolution strategy.