BLP acts for First International Bank of Israel on sale of its UK bank
Berwin Leighton Paisner LLP advised First International Bank of Israel, Israel’s fifth largest banking group which is listed on the Tel Aviv Stock Exchange, on the sale of its UK banking subsidiary, FIBI (UK) PLC, to Tungsten Corporation plc. The fully UK authorised bank will be re-named Tungsten Bank.
The sale completed on 10 June 2014 and follows a number of high profile financial services transactions upon which BLP has acted recently including acting for Towers Watson on its $250m disposal of its global reinsurance broking business to JLT and Danske Bank on the merger of the Danske Fund with total assets of over £70m into the Architas Multi Asset Blended fund range.
BLP used a multi-disciplinary team led by corporate finance partner Adam Bogdanor with support from associates Siobhan Ferguson, Daniel Finch and Hannah Rickard.
Commenting upon the transaction, Ilan Batzri, the Deputy CEO of First International Bank of Israel, said: “BLP’s first class advice and highly responsive legal team were keys factors in bringing this transaction to a successful conclusion for us.”
Senior Partner and Client Relationship Partner Harold Paisner said: “This was a very important transaction for the Bank, a longstanding client of the firm, and we were delighted to have the opportunity of advising them upon it.“