ITS latest mandate advising UK Financial Investments and Northern Rock on the bank’s sale to Virgin Money is one in a string of government deals secured by Deutsche Bank.
Most notably, Deutsche made hay advising HM Treasury during the bail-outs of Lloyds, Halifax Bank of Scotland and RBS in 2008.
The Northern Rock team was led by Irishman Tadhg Flood, co-head of Deutsche’s European financial institutions group, and James Arculus, a managing director in the bank’s UK M&A business. Nicholas Hunt was also on the team as a director.
Flood is known for his longstanding relationship with Barclays, having helped Deutsche to win the bank as a client. He advised Barclays in its attempted purchase of ABN Amro (in the deal won by RBS that subsequently brought the bank down). Flood also advised Barclays on its acquisition of Lehman Brothers assets after the US investment bank collapsed in 2008.
Arculus has worked on a range of general M&A deals, including Stagecoach’s attempted purchase of National Express in 2009 and HeidelbergCement’s acquisition of Hanson.
Deutsche Bank only narrowly won the mandate to advise UKFI on the Rock sale after Morgan Stanley was ruled out due to its relationship with National Australia Bank, which was viewed as a potential buyer.