Appleby advise on HSBC banking transfer in Jersey and Guernsey

3 October2017

Appleby has advised HSBC on the transfer of their banking businesses in both Jersey and Guernsey.

The businesses of HSBC Bank International Limited in Jersey and HSBC Private Bank (C.I.) Limited in Guernsey were transferred on 1 October 2017 into the respective Jersey and Guernsey branches of HSBC Bank Plc pursuant to a scheme in each jurisdiction, which have both received court sanction. This is the first court sanctioned scheme of this kind in Guernsey and Appleby have previously advised on all recent similar court sanctioned schemes in respect of deposit-taking business in Jersey.

The Channel Islands team consisted of Partners James Gaudin, Wendy Benjamin, Michael Cushing, Kate Storey and Anthony Williams, supported by Associates Angharad Southern, Tom Fothergill, Nele Bhebhe, and Legal Assistant Emily Ashford.

Speaking on the transactions, HSBC Relationship Partner James Gaudin commented; “We are incredibly proud to have advised on the first transaction of this kind in Guernsey, whilst working simultaneously across our offices to deliver an excellent outcome for HSBC in both islands. We continue to be the leading regulatory advisors in the Channel Islands, which is a testament to the extensive knowledge and hard work undertaken by the Appleby team.”

Michael Hancock, General Counsel for HSBC, Channel Islands and Isle of Man, commented that “this was a very demanding project, running two complex transactions to a very tight timetable in parallel in Jersey and Guernsey, and so we relied very heavily on the Appleby teams involved to provide a first class proactive seamless service. They have been great people to work with.”

Appleby has advised many banking and financial institutions on strategically important and ground-breaking offshore reorganisation projects and estimate that they have transferred more than GBP 42 billion of deposits in the past five years. They also advise banks and financial institutions on ring-fencing and contingency planning for the purposes of preparing bank recovery and resolution plans and preparation for Brexit, with extensive regulatory expertise across the Crown Dependencies of Jersey, Guernsey and the Isle of Man.

 

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