Hogan Lovells Advises TSB Bank plc to Acquire £3.3bn of Former Northern Rock Mortgages and Loans
13 November 2015
Hogan Lovells has acted as legal adviser to TSB Bank plc (TSB) to acquire £3.3 billion of former Northern Rock mortgages and loans from Cerberus Capital Management group (Cerberus).
The portfolio comprises residential mortgages (and linked unsecured loans) from the legacy book of NRAM plc (the former Northern Rock mortgage business), which UK Asset Resolution Limited (UKAR) has today confirmed will be sold to Cerberus.
The deal involved negotiating a service agreement with UKAR's mortgage servicing arm, an arrangement which will ensure continuity in service for borrowers.
The TSB Bank plc legal team was led by General Counsel Susan Crichton and Alistair Houghton and Stuart Burnett and the Hogan Lovells team was led by partners John Allison, Jon Chertkow and Rachel Kent.
Commenting on the acquisition, John Allison, partner in the London Corporate practice, said: "This transaction will see our client, TSB, become the mortgage lender to an additional 34,000 homeowners across the UK. We are delighted to have worked with TSB on this significant step in their strategy for growth."