King and Wood Mallesons advises AA plc ("AA") on its strategic relationship with the Bank of Ireland UK (”BOI UK”) to provide a range of retail financial services to UK consumers.

This exclusive arrangement will combine the marketing strength of the AA, one of the most well-known and trusted brands in the UK, with the financial services expertise of BOI UK, and offer financial services products to AA members as well as to the wider public. The range of AA branded financial services products available to customers will include credit cards, loans, cash savings (including ISAs) and mortgages.

The first product launch, an AA credit card, is expected in July 2015 with other products being added over the remainder of 2015. The parties also expect to launch the first AA branded mortgage product in 2016, providing a strategic fit with the AA’s existing home services (insurance and home emergency) businesses.

Jeremy Schrire, Commerce and Technology partner at King & Wood Mallesons said “This was a complex and significant deal which hopefully will offer the AA and the Bank of Ireland, and their millions of customers, genuine benefits. It was a pleasure working with the AA’s legal and commercial teams on this important transaction and, in the process, strengthen our excellent working relationship throughout the protracted negotiations.”

The King & Wood Mallesons' team advised on all aspects of the project including negotiating the terms of the Financial Services Distribution Agreement. The team was led by London partner Jeremy Schrire, with managing associate Fiona Beatty and associate Richard Davies. Partners Andrew Wingfield, Tim Dolan, Joseph Newitt, Ian Borman and Hilary O’Connor, managing associate Amy Grammer and associates Steve Hall and Briana Bentley also advised on aspects of the transaction.