Through a series of transactions which were completed for the most part in early June, UBS AG and other UBS group companies transferred group shared services functions, which are mainly based in Switzerland, in the UK and the US, to UBS Business Solutions AG and other related service companies. UBS Business Solutions AG now operates as the group service company of UBS and is a wholly owned subsidiary of UBS Group AG. The implementation of UBS Business Solutions AG enables UBS to maintain operational continuity of critical services should a recovery or resolution occur.

Lendify AB (”Lendify”), a P2P-lending platform, has issued SEK 200,000,000 bonds on 30 May 2017 through its wholly-owned subsidiary Lendify Sweden 1 AB (publ). The bonds have a tenor of three years and an annual interest rate of three-months Stibor + 5 %. The bonds are intended to be listed on the regulated market NDX, operated by Nordic Growth Market AB.

NautaDutilh assisted Van Lanschot Kempen with the acquisition of UBS's domestic wealth management activities in the Netherlands. The transaction comprises the client relationships and employees of the wealth management activities of UBS Netherlands, a branch of UBS Europe SE, having currently Assets under Management (AuM) of around EUR 2.6 billion.

Clifford Chance advised China CITIC Bank Corporation Limited, who along with co-investor China Shuangwei Investment Co., Ltd., acquired an aggregate of 60% stake in JSC "Altyn Bank" from JSC "Halyk Bank", a leading financial services group in the Republic of Kazakhstan. The One Belt One Road transaction was signed on 7 June 2017 during President of China Xi Jinping's state visit to Kazakhstan celebrating the 25th anniversary of the establishment of diplomatic relations between the two countries.

A team led by Dr. Thorsten Kuthe and Dr. Christoph Gringel advises FinTech company THE NAGA GROUP AG (NAGA) on its IPO. Heuking Kühn Lüer Wojtek acts as a transaction counsel for Hauck&Aufhäuser and NAGA. Listing of the shares is scheduled for July 10, 2017 on the open-market Scale segment – subject to earlier completion of the subscription. The offer is based on the securities prospectus approved by the German Financial Supervisory Authority (BaFin) on June 6. This is only the second IPO on Frankfurt Stock Exchange’s new Scale segment.
 

Watson Farley & Williams (“WFW”) advised a syndicate of banks led by Banco Sabadell, S.A. (“Banco Sabadell”) on the refinancing of the financial debt of Manchasol 2 Central Termosolar Dos S.L.U. (“Manchasol 2”), a 50 MW thermosolar plant located in Alcazar de San Juan, Ciudad Real, Spain owned by Saeta Yield, S.A. (“Saeta Yield”).

Transaction represents one of the largest acquisition financings globally in 2017

The High Court today handed down its decision in ICAP Management Services Limited v Berry &; Anor, holding that the Claimant was entitled to a permanent injunction to restrain a former employee, Mr Dean Berry, from breaching a garden leave covenant in his employment contract by going to work for a competitor, BGC.

Global law firm White & Case LLP has advised Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc, Watani Investment Co. K.S.C.C., First Abu Dhabi Bank PJSC and Standard Chartered Bank on the establishment of NBK SPC Limited's US$3 billion GMTN programme, guaranteed by the National Bank of Kuwait S.A.K.P., and the US$750 million issuance of notes under the programme.

Global law firm White & Case LLP has advised Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc, Watani Investment Co. K.S.C.C., First Abu Dhabi Bank PJSC and Standard Chartered Bank on the establishment of NBK SPC Limited's US$3 billion GMTN programme, guaranteed by the National Bank of Kuwait S.A.K.P., and the US$750 million issuance of notes under the programme.