In response to the UK's decision to withdraw from the EU, Dutch bank Triodos Bank N.V needed to transfer the business carried on by its UK branch into the name of a new, wholly owned subsidiary, Triodos Bank UK Limited. This was a complex and potentially lengthy assignment, calling for rigorous regulatory guidance, and the drafting and completion of a large number of documents required for the transfer.
Working alongside the project team at the bank and with accountancy firm Deloitte, we advised the bank on all aspects of the Part VII transfer including:
Kit Beazley, UK Head of Brexit Implementation, at Triodos Bank UK, says: "We have been working closely with the regulators for the past eighteen months to prepare for the implications of the UK’s expected withdrawal from the EU. TLT worked in close co-operation with ourselves and our other advisors to evaluate the options available, and have supported us at every stage – looking ahead and making sure the project ran as smoothly as possible.
"TLT was able to provide us with a full service solution and the team worked really well together. They brought invaluable knowledge and experience to the project, and were responsive to the challenges and time constraints we faced. We are extremely grateful for their client service, support and commitment."
Bill Hull, partner and head of commercial services at TLT says, "The application process for a Part VII Order is very complex and there are many issues that can arise, so it was great for us to be able to support Triodos here. The whole TLT team is delighted to have delivered such a successful outcome for the business and its customers. We have a very long-standing relationship with Triodos right across its UK operation and are excited to support the bank in its next phase of growth, as well as its ongoing mission to make money work for positive social, environmental and cultural change."
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