Since 2019, Reed Smith has been advising North Channel Bank GmbH & Co. KG on the tax and accounting aspects of the transaction - including financing and structuring issues.
This latest milestone is the signing of a Sales and Purchase Agreement (SPA), which is an important step in the change of ownership of the bank.
With the completion of an SPA, the owner control process operated by the BaFin and the auditing association begins in order to complete the transaction and to present the North Channel Bank’s new investors to the public.
Reed Smith provided advice relating to the effects of the upcoming sale on the operating companies and the Luxembourg holding company.
The Reed Smith team advising on the latest milestone of the deal was led by corporate and tax partner Dr. Martin Bünning and senior associate Carina Park.
"We are pleased to have effectively advised our client on the coordination of the regulatory requirements as well as the requirements of the various jurisdictions involved and to thus actively contribute to the continued success of the bank," said Bünning.
About North Channel Bank GmbH & Co. KG
North Channel Bank GmbH & Co. KG was founded in 1924 as the privately owned bank – Bankhaus Oswald Kruber GmbH & Co. KG based in Berlin.
In 2009, a North American investor group with experience in the secondary US Life Settlement market acquired the bank and renamed it North Channel Bank. In the following years, the bank developed into one of the leading institutions in the financing of U.S. Life Settlements.
The bank has been working with the experienced and renowned U.S. service provider NorthStar Life Services, LLC, a former affiliate, for many years and offers not only financing, but also investments in U.S. life insurance.
The NorthStar Life Settlements Trading, LLC, Irvine, California, renamed in 2020, is responsible for the trading of policies in this area. In the Structured Finance segment, the bank focuses in particular on financing in the renewable energies sector (focus: equity interim financing), capital goods financing, and acquisition finance.
About Reed Smith
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