Eversheds has advised brokerage and investment firm Stifel Nicolaus Europe (“Stifel”) in its role as sole bookrunner to Arbuthnot Banking Group plc (“Arbuthnot”) on a £150m sale of shares in Secure Trust Bank plc (“Secure Trust”).

Stifel (trading as Keefe Bruyette & Woods) successfully placed, by way of an accelerated bookbuild, six million existing ordinary shares at £25 per share, generating gross proceeds of £150 million for Arbuthnot. The shares sold represent approximately 33% of the issued share capital of UK based Secure Trust reducing Arbuthnot’s interest in Secure Trust from 51.9 per cent to 18.9 per cent.

The Eversheds team was led by corporate partner Sebastian Orton assisted by principal associate Jon Stanley.