White & Case LLP - News - White & Case Advises on Disposal of Nordea's Institutional Global Custody Business to JPMorgan

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White & Case Advises on Disposal of Nordea's Institutional Global Custody Business to JPMorgan
Pace of Consolidation in Global Banking Sector Accelerates

London, Helsinki, Stockholm, March 31, 2008 ... Global law firm White & Case LLP is advising Nordic bank Nordea in relation to the sale of its institutional global custody business to JPMorgan. Nordea, which is the Nordic leader in institutional global custody, with approximately €200 billion in assets, will transfer the business to JPMorgan over the next 12-18 months.

"The pace of consolidation in global banking is speeding up, driven in particular by the desire of major institutions to expand their presence in key markets. We expect this trend to continue over the next year. In addition, we also expect to see opportunistic deals, as the global markets remain volatile," commented White & Case Corporate partner Alan Burke.

JPMorgan will establish local branches in all four Nordic countries and take over relevant customer teams from Nordea to ensure continuity of service and a seamless transition. As part of the agreement, Nordea will appoint JPMorgan as global custodian for its internal institutional customers such as Nordea Funds and Nordea Life & Pension.

The White & Case team advising Nordea was led by Corporate partner Alan Burke, working closely with Corporate partner Peter Finlay and associates Natalie Fry, Anna Krupkina, James Meakin, David Evans and trainee solicitor Éadaoin Conway in London; Corporate partner Claes Zettermarck and associates Emmanuel Ergul, Emma Mahler, Josefin Baldeh and Carolina Bruce in Stockholm; and Corporate partner Timo Airisto and associates Rami Salonen, Nella Salokatve and Merja Saloheimo in Helsinki. The Nordea internal legal team was led by senior legal counsel Baard Syrrist.

This transaction followed on several recent M&A transactions White & Case acted on for Nordea, including advising the bank in 2006 on its $313.7 million acquisition of 75 percent of Orgresbank, a top 50 Russian bank, and the disposal of its 23.42 percent holding in ZAO International Moscow Bank to Bayerische Hypo- und Vereinsbank AG, a member of the Uncredito Group, for $395 million.

White & Case has a wealth of additional M&A experience in the banking sector, having advised on a number of other deals including: the acquisition of a strategic stake in JSC Bank CenterCredit by Kookmin Bank, Korea's largest financial institution for approximately $634 million; the acquisition of JSC ATF Bank, Kazakhstan's third largest bank, by the Italian financial services group UniCredit, for approximately $2.175 billion; the acquisition of a 20 percent equity stake in Sabanci Holding and Akbank, Turkey's largest private bank, by Citigroup for approximately $3.1 billion; the acquisition of 75 percent of Turkish bank Denizbank by Dexia, a key player in Belgian retail banking, for approximately $2.4 billion; and the acquisition of Finnish bank Sampo Bank plc, a subsidiary of Sampo plc, the Finnish financial services group, by Danske Bank A/S for €4.05 billion.

About White & Case
White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848

	Press Releases
Expertise Mergers & Acquisitions Lawyers Timo M. Airisto Alan Burke Peter Finlay Merja E. Lehtimäki Nella Toivonen Claes Zettermarck Locations London Helsinki Stockholm	White & Case Advises on Disposal of Nordea's Institutional Global Custody Business to JPMorgan Pace of Consolidation in Global Banking Sector Accelerates London, Helsinki, Stockholm, March 31, 2008 ... Global law firm White & Case LLP is advising Nordic bank Nordea in relation to the sale of its institutional global custody business to JPMorgan. Nordea, which is the Nordic leader in institutional global custody, with approximately €200 billion in assets, will transfer the business to JPMorgan over the next 12-18 months. "The pace of consolidation in global banking is speeding up, driven in particular by the desire of major institutions to expand their presence in key markets. We expect this trend to continue over the next year. In addition, we also expect to see opportunistic deals, as the global markets remain volatile," commented White & Case Corporate partner Alan Burke. JPMorgan will establish local branches in all four Nordic countries and take over relevant customer teams from Nordea to ensure continuity of service and a seamless transition. As part of the agreement, Nordea will appoint JPMorgan as global custodian for its internal institutional customers such as Nordea Funds and Nordea Life & Pension. The White & Case team advising Nordea was led by Corporate partner Alan Burke, working closely with Corporate partner Peter Finlay and associates Natalie Fry, Anna Krupkina, James Meakin, David Evans and trainee solicitor Éadaoin Conway in London; Corporate partner Claes Zettermarck and associates Emmanuel Ergul, Emma Mahler, Josefin Baldeh and Carolina Bruce in Stockholm; and Corporate partner Timo Airisto and associates Rami Salonen, Nella Salokatve and Merja Saloheimo in Helsinki. The Nordea internal legal team was led by senior legal counsel Baard Syrrist. This transaction followed on several recent M&A transactions White & Case acted on for Nordea, including advising the bank in 2006 on its $313.7 million acquisition of 75 percent of Orgresbank, a top 50 Russian bank, and the disposal of its 23.42 percent holding in ZAO International Moscow Bank to Bayerische Hypo- und Vereinsbank AG, a member of the Uncredito Group, for $395 million. White & Case has a wealth of additional M&A experience in the banking sector, having advised on a number of other deals including: the acquisition of a strategic stake in JSC Bank CenterCredit by Kookmin Bank, Korea's largest financial institution for approximately $634 million; the acquisition of JSC ATF Bank, Kazakhstan's third largest bank, by the Italian financial services group UniCredit, for approximately $2.175 billion; the acquisition of a 20 percent equity stake in Sabanci Holding and Akbank, Turkey's largest private bank, by Citigroup for approximately $3.1 billion; the acquisition of 75 percent of Turkish bank Denizbank by Dexia, a key player in Belgian retail banking, for approximately $2.4 billion; and the acquisition of Finnish bank Sampo Bank plc, a subsidiary of Sampo plc, the Finnish financial services group, by Danske Bank A/S for €4.05 billion. About White & Case White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848