Slaughter and May is advising Santander UK plc on the transfer of substantially all of its Corporate & Investment Banking business in the UK to the London branch of Banco Santander, S.A.

Slaughter and May is acting for Santander UK plc (“Santander UK”) on the transfer of substantially all of its Corporate & Investment Banking business in the UK (“SCIB UK”) to the London branch of Banco Santander, S.A. (the “SLB”), by way of a banking business transfer scheme under Part VII of the Financial Services and Markets Act 2000 (the “Scheme”).

The sanction hearing for the Scheme took place (remotely) on 23 June 2021 and the Scheme was sanctioned by Snowden J on 1 July 2021. The transfers of SCIB UK business from Santander UK to the SLB under the Scheme are scheduled to take place before the end of 2021.

Slaughter and May is working closely with the Santander UK legal team, led by Charles Shepherd, Alastair Lewis and Cynthia Ip.