Tesco Bank has instructed A&O
Tesco and its banking arm have a long history with Freshfields, which has advised the supermarket giant on its biggest mandates of recent years.
August 01, 2019 at 07:42 AM
1 minute read
Tesco Bank has turned to Allen & Overy for advice on its latest multibillion-pound sale – an unexpected move given the company’s close ties to Magic Circle rival Freshfields Bruckhaus Deringer.
The bank – wholly owned by supermarket giant Tesco – is looking to offload its mortgage unit to Lloyds Banking Group in a £3.7 billion deal, with A&O advising the sellers according to a person with knowledge of the deal. A second person said Freshfields was not involved.
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