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Linklaters and Slaughter and May have won lead advisory roles as the Lloyds Banking Group signs up to the Government’s Asset Protection Scheme, in a deal that could gift the Government a stake of up to 77% in the bank.

Linklaters has been brought in to advise longstanding client Lloyds as it transfers around £260bn of toxic assets – the majority of which relate to HBOS – to the Government and restructures the Government’s stake in the bank.

London corporate partners Jeremy Parr and Matthew Bland and capital markets partner Jim Rice have taken the lead roles on the transaction, which will see the bank pay the Treasury £15.5bn once it joins the asset protection scheme.

Slaughter and May has been drafted in to advise the Treasury in relation to the increased stake and asset protection scheme, fielding a team under corporate partner Charles Randell.

The bailout is the latest mandate for both firms in relation to the banking crisis. Linklaters advised Lloyds on its £12.2bn takeover of HBOS in September, in a deal that saw Parr advise alongside corporate partner Duncan Barber. Allen & Overy acted for HBOS on the takeover.

Slaughters, meanwhile, has picked up a raft of recent work for the Government, most notably advising on the historic £37bn bailout of the UK’s banking system late last year and the second bailout that came earlier this year.

Slaughters fielded two teams for the Treasury. Charles Randell led a team also including corporate partners Robin Ogle and Nilufer Von Bismarck advising on the Government’s stake while capital markets partners Matthew Tobin and Richard Levitt and corporate partner Tim Pharoah advised on the asset protection scheme.

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