Representation of Lloyds Bank International Limited and Lloyds Bank Corporate Markets Plc, Jersey Branch [2019] JRC 225A (20 November 2019)

Representation of Lloyds Bank International Limited and Lloyds Bank Corporate Markets Plc, Jersey Branch [2019] JRC 225A (20 November 2019)

The court is satisfied that the procedural requirements have been met, the scheme is fair, and there are no material adverse effects on customers, employees, or creditors. The intra-group nature, regulatory approval, and absence of objections support granting sanction.

Citation
[2019] JRC 225A
Parties
Transferor: Lloyds Bank International Limited; Transferee: Lloyds Bank Corporate Markets PLC, Jersey branch
Jurisdiction
Jersey
Judgment Date
20 November 2019
Procedural Posture
Banking Business Transfer Scheme Sanction Application / Final Sanction Hearing
Outcome
Sanction granted
Legal Topics
Business Transfer Schemes, Deposit Taking Business, Client Asset Protection, Regulatory Compliance
Banking Law Financial Regulation Business Transfer Schemes Deposit Taking Business Client Asset Protection Regulatory Compliance

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Parties

Lloyds Bank International Limited

Transferor

Lloyds Bank Corporate Markets PLC, Jersey branch

Transferee

Procedural Posture

Banking Business Transfer Scheme Sanction Application / Final Sanction Hearing

Legal Issues

  1. 1 Whether the statutory procedural requirements for the scheme have been complied with
  2. 2 Whether the scheme is fair and does not adversely affect customers, employees, or other interested persons
  3. 3 Whether the court has jurisdiction to approve the scheme

Ratio Decidendi

The court is satisfied that the procedural requirements have been met, the scheme is fair, and there are no material adverse effects on customers, employees, or creditors. The intra-group nature, regulatory approval, and absence of objections support granting sanction.

Court Disposition

Sanction granted

Orders

  • The scheme is sanctioned in accordance with the draft Act produced to the court.