The Co-operative Bank has appointed 11 firms to form its legal supplier panel with firms including Clifford Chance (CC) and Pinsent Masons winning places after a ‘competitive tender and detailed interview process.’
The three-year legal panel comprises Magic Circle firms CC and Allen & Overy, as well as Berwin Leighton Paisner, Mishcon de Reya, Hogan Lovells, Pinsents, TLT, Eversheds, and DLA Piper. Smaller outfits Bates Wells Braithwaite and Matthew Arnold Baldwin also won positions on the panel which is effective immediately.
In a statement issued today (2 September), the co-operative said the panel was selected ‘to meet the bank’s needs for full UK coverage, its commercial objectives, demonstrating industry leading best practice and a proven ability to work closely with the bank’s in-house legal department. In addition, the bank’s requirements for specific areas will be supported to cover media, technology and charities work.’
The legal division is overseen by former interim general counsel (GC) of Coventry Building Society Brona McKeown where she serves as legal chief and company secretary. McKeown’s team comprises 21 lawyers including deputy GC Claire Morris who joined from Nationwide Building Society this year.
The announcement follows the high street lender avoiding a substantial fine in an investigation by the Financial Conduct Authority and the Prudential Regulation Authority for breaching listing rules, on which the bank retained Clifford Chance to advise.