Leading international legal practice, Norton Rose has advised Santander, one of the world’s largest banks, on the disposal of its UK co-branded store card business to SAV Credit, an independent credit card provider owned by US hedge fund Varde Partners.

Santander’s UK store card business has approximately 3.5 million customer accounts and £1 billion in receivables and provides co-branded store cards for retailers such as Debenhams, House of Fraser, Arcadia (which includes Topman and Topshop) and Laura Ashley.

To ensure a smooth handover of the business Santander will continue to service the portfolio until the second half of 2014 under a Transitional Services Agreement.

Glenn Hall, corporate partner at Norton Rose led on the transaction, he comments:

“Working closely with Santander’s internal legal team, we are delighted to have advised on this major transaction in the consumer finance market”.

Norton Rose’s leading practice continues to advise on the market’s flagship transactions, having recently advised Barclays on the R18.3 billion (£1.3bn) combination of Barclays’ African operations with Absa Group and advising on the proposed $360 million acquisition by Delta Air Lines of a 49 per cent stake in Virgin Atlantic from Singapore Airlines.

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