Pinsent Masons advises Wesleyan Assurance Society on sale of Wesleyan Bank

27 Oct 2021 | 08:53 am | 1 min. read

Multinational law firm Pinsent Masons has advised Wesleyan Assurance Society on its sale of Wesleyan Bank Limited and subsidiaries to Hampshire Trust Bank plc, subject to regulatory approval.

Wesleyan Bank Limited has been a successful and important part of the Wesleyan Group since it was established in 1993. It has enjoyed particular success over the last few years through a focus on supporting professional and SME customers with medium-term asset finance and longer-term secured loans. Its sale to Hampshire Trust Bank, a fast growing specialist lender backed by funds managed by Alchemy Partners, makes strategic sense for both parties by adding scale and momentum to HTB’s business, whilst allowing the Wesleyan Group to continue its core business’ focus on the specialist financial needs of doctors, dentists and teachers.

The Pinsent Masons team acting on the transaction was led by partner Madhu Jain and included Michael Lakin, Siobhan Garvey, Hammad Akhtar, Andrew Barber and Matthew Clayton-Stead.

Commenting on the deal Madhu Jain said:

"We are immensely proud to have supported our long-standing client Wesleyan Assurance Society on the sale of Wesleyan Bank to Hampshire Trust Bank plc, an important transaction for both parties. The team at Pinsent Masons worked closely with Wesleyan Assurance Society across a range of issues to ensure a successful outcome. This is one of many strategic corporate banking transactions that the firm has advised on recently, and is illustrative of the strength and breadth of the team."

Mark Checketts, Head of Legal Counsel at Wesleyan Assurance Society said:

“Seeking new ownership for Wesleyan Bank provides positive outcomes for both businesses, their customers as well as our members. I really enjoyed working with the Pinsent Masons team throughout this transaction. They provided excellent technical advice which was pragmatic and commercially focussed across the full spectrum of issues at all levels across the team.”

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