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    11-07-2018

    Eversheds Sutherland advises Cynergy Capital Limited on significant acquisition

    Eversheds Sutherland has advised Cynergy Capital Limited (Cynergy) on its proposed acquisition of Bank of Cyprus’ UK banking operations, comprising Bank of Cyprus UK Limited (BOC UK) and its subsidiary Bank of Cyprus Financial Services Limited, for a headline consideration of £103m (subject to customary purchase price adjustments).

    The acquisition is expected to complete by the end of 2018 and is subject to approval by the regulators of both Bank of Cyprus and BOC UK.

    Cynergy is led by a consortium of investors who are experienced business owners in the UK, focused on the retail and SME sectors. Having worked together for several years, they have a number of successful business interests and investments in a variety of sectors including retail, wholesale, property and financial services.

    The Eversheds Sutherland team was led by corporate Partner Rachel Broquard and supported by Senior Associate James Bridges (corporate). The wider team included Partner Andrew Henderson (financial services), Principal Associate Tom MacAdie (corporate) and Associate James Burnie (financial services).

    Eversheds Sutherland worked closely with Parmjit Gill, General Counsel of SevenCapital (of which Bal Sohal, a director of Cynergy, is the Chairman) who led the transaction for the consortium of investors internally.

    Following completion of the acquisition, BOC UK is expected to be rebranded to ‘Cynergy Bank’, a name chosen to reflect the bank’s Cypriot heritage, combined with a modern and energetic focus.

    Rachel Broquard commented:

    “We are delighted to have advised Cynergy on this important transaction. The team worked collaboratively to apply their extensive knowledge and experience of corporate transactions to secure a successful deal on behalf of our client - we’re thrilled with the outcome.”

    Parmjit Gill commented:

    “It was a pleasure working with the Eversheds Sutherland team. The team provided great client service and delivered a complex transaction on time for us.”

    Bal Sohal commented:

    “We have been actively looking to invest in the UK banking sector, where we see significant opportunities for growth and to better address the needs of small businesses in the UK, including those of the Cypriot community.

    “Cynergy’s focus will be on delivering sustainable growth for the UK bank. We plan to support the existing management team to deliver on the strategy it has for the bank and are committed to investing further capital to develop the business in the coming years.”

    For more information on Eversheds Sutherland, visit eversheds-sutherland.com

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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