UBS rainmaker advised on £50bn rescue package
One of UBS’s top London-based bankers was drafted in the by the UK Government to advise it on a £50bn (€32bn) rescue package for the country’s largest banks.
Robin Budenberg, who has managed UBS’s relationship with the Treasury for several years, led a team of bankers from the Swiss group advising the government on the capital injection into banks including, Barclays, Lloyds TSB and Royal Bank of Scotland.
Under the terms of the bailout the group of eight UK banks will have access to a £25bn facility, allowing them to increase their tier one capital in return for selling preference shares or ordinary stock to the government.
Budenberg has worked on some of UBS’ most high-profile mandates, last year leading its team advising Reuters on its £8bn acquisition of Thomson as well as working for UK airport operator BAA on its takeover by Ferrovial.
UBS has traditionally enjoyed close links with the UK government. James Sassoon, a former vice-chairman of investment banking at UBS and a former colleague of Budenberg’s, last month gave up his responsibilities at the Treasury after a six-year stint, which included a part-time role as the Chancellor’s special representative to the City of London.
Last year UBS was hired by the UK government to advise on the sale of nuclear power company British Energy, which was last month acquired by French utility Electricité de France.
The bank has was also one of the advisers to UK mortgage lender Bradford & Bingley, which was nationalised last month by the government, after attempts to inject capital into the business failed to half a loss of market confidence in the institution.
--write to hwilson@efinancialnews.com
del.icio.us
Digg
Newsvine
reddit
StumbleUpon
