International legal practice, Norton Rose Group, is advising The Hongkong and Shanghai Banking Corporation Limited (HSBC) on its acquisition of the retail and commercial banking business in India of The Royal Bank of Scotland plc (RBS). The acquisition, which is subject to various conditions including the receipt of regulatory approvals, involves portfolios with a gross asset value of US$1.8 billion as at 31 March 2010. RBS’ retail and commercial banking businesses in India currently have approximately 1.1 million customer relationships serviced by over 1,800 staff.
The total consideration will comprise a premium of up to US$95 million over the tangible net asset value of the businesses being acquired at closing of the transaction (less an adjustment equal to 90% of any credit losses incurred on the unsecured lending portfolio in the two years after closing).
The transaction involved a substantial team of lawyers from Norton Rose Group across a wide number of practice areas. The team is led by Hong Kong corporate finance partner, Richard Crosby. The corporate finance team also includes corporate partner Andrew Abernethy and associates Adam Edelman, James Parker, Cynthia Chan, Lydia Kungsen and Esther Yee from the Hong Kong office, corporate partner Andrew Lewis and associates Andrew Cooke and Peter Howley from the Dubai office and the close involvement of corporate partner, Jill Gauntlett, from the Singapore office. Tax aspects are led by Dominic Stuttaford and Andrew Roycroft in London, pensions by Lesley Browning with Ed Hunnisett and Philip Jelley in London, employment by Adrian Hoggarth and Esha Dasgupta in London, IP by Mike Knapper with Victoria Hart in London, structured finance by Dean Naumowicz with Suril Patel in London, real estate by Peter Burrows with Jonathan Keats in Beijing, banking by Peter Haslam and Chris Redden with Mark Adams in Hong Kong, competition by Marc Waha with Julienne Chang in Hong Kong and dispute resolution by Ruth Cowley, Camille Jojo with Marie Kwok in Hong Kong.
HSBC is advised by Bharucha & Partners on Indian law aspects.
RBS is advised by Linklaters (Matthew Middleditch and Carl Hollingsworth).
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