Bermuda: Appleby Advise Standard Chartered On Ground Breaking Restructuring Of Its Jersey Banking Operations
Last Updated: 27 September 2013

Appleby has acted as Jersey counsel to international banking group Standard Chartered in connection with the recent consolidation of its two Jersey banking entities into a single operating platform for its Jersey business.

The transaction was ground breaking in its use of the Banking Business (Jersey) Law 1991 (Banking Law) which allows Jersey banking business (technically deposit-taking business), to be transferred from one bank to another by means of a Court-sanctioned scheme. In this case the Court was asked to confirm the scope of a transfer permissible under the Banking Law to include the transfer of regulated investment business as well as banking business. The Court held that in appropriate cases it has jurisdiction to sanction such a transfer, and allowed the transfer of both Standard Chartered's banking business and investment business from its existing subsidiary to the Jersey branch of Standard Chartered Bank.

The Appleby team was led by Wendy Benjamin, Practice Group Head for the Corporate & Commercial department in Appleby's Jersey office. The Court applications were handled by Michael Cushing, Jersey Managing Partner, Litigation & Insolvency assisted by associate Davida Blackmore.

Wendy Benjamin commented: "This is the first time in Jersey that an entire banking and investment business has been transferred by a Court-sanctioned scheme. Schemes should in future provide a relatively quick and cost-effective method to Jersey banks for business transfers with minimal disruption to customers."

Michael Cushing added, "As banks continue to assess capital, liquidity and operational efficiency against a backdrop of regulatory change, we anticipate further strategic reorganisations of banking groups, including offshore subsidiaries and branches."

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