US white shoe firm Davis Polk & Ward-well is advising the UK’s Royal Bank of Scotland (RBS) on its $10.5bn (£5.8bn) acquisition of US bank Charter One, in the third major RBS instruction for the New York firm in the past year.

The deal, which is structured under US law, sees RBS’ local subsidiary, Citizens Financial Group, agree to take over Charter One, giving the UK bank an extensive network in Ohio, Michigan, Illinois, Indiana, Vermont and New York.