BlackRock Solutions were appointed following a competitive process run by the Treasury, and will work alongside Rothschild and Slaughter & May, appointed last week as corporate finance and legal advisors respectively to the review.
The bad bank review is assessing the merits of creating a bad bank for some RBS assets and is due to conclude in the autumn 2013.
Notes for Editors
- The appointment of these advisors is related to the Chancellor’s Mansion House announcement of the bad bank review.
- Last week, the Treasury announced that it had appointed Rothschild as corporate finance advisors and Slaughter & May to provide commercial legal advice to the review.
- BlackRock Solutions will work alongside HM Treasury, Rothschild and Slaughter & May and provide specialist advice on RBS assets to help determine whether creating a bad bank will meet the three government’s objectives to:
- maximise RBS’s ability to support the British economy
- get the best value for money for the taxpayer
- do what we can to return them to private ownership
- HM Treasury ran a competitive tender process that commenced on 4 July 2013, leading to this appointment. The procurement process was led by John Kingman, HM Treasury’s Second Permanent Secretary, who chaired an evaluation panel with Treasury and UKFI representatives.
- In line with the government’s Transparency Agenda, the Treasury will publish the contract within 20 working days of contract award.