Addleshaw Goddard has acted as principal legal adviser in supporting the establishment of Cash Access UK Limited, a new not-for-profit company created by the UK’s largest high street banking providers designed to protect cash access across the UK.
Addleshaw Goddard is acting jointly for the founding members of Cash Access UK Limited: Barclays Bank UK plc, HSBC UK Bank plc, Lloyds Banking Group plc, Nationwide Building Society, NatWest Group, Northern Bank Limited (trading as Danske Bank), Santander UK plc, TSB Bank plc and Virgin Money, alongside Bank of Ireland (UK) plc which is expected to join the membership of the company in the near future.
Cash Access UK Limited has been set up to enable consumers and small businesses to access cash, deposit and basic banking services where they are needed across the UK. These services will support the customers of the company's member firms. The company will facilitate the provision of a range of services, including banking hubs, which are shared banking spaces, on local high streets.
The Addleshaw Goddard team is being led by Corporate Partner Ben Koehne and Commercial Partner Damon Rosamond-Lanzetta, with a core team including Corporate Partner and Head of Corporate Governance Jaya Gupta, Managing Associates Jack Edwards and Euan Towers, Corporate Partner Anna Brown and Legal Director Kevin Beattie, supported by a wider team of specialists from across the firm. The AG team has advised on all aspects of the establishment of the company and the joint venture arrangements, including governance aspects, principal commercial matters, regulatory and compliance considerations, competition, intellectual property, data protection, employment and tax.
Ben Koehne commented:
"The way in which banking providers meet customer needs is rapidly changing and Addleshaw Goddard is committed to supporting the continuous transformation of banking. We are delighted to have worked closely and collaboratively over the past year with our clients and other key stakeholders to launch Cash Access UK Limited. This ground-breaking initiative has taken a huge amount of effort and commitment to enable consumers and small businesses to access cash, deposit and banking services."
Damon Rosamond-Lanzetta added:
"Our role in the establishment of Cash Access UK Limited underlines the deep expertise we have in bringing together a team with the range of specialist skills and experience, such as governance, commercial, regulatory and compliance, competition and tax, needed to guide and support our clients in new areas and in the adoption of innovative approaches, including through the creation of key strategic partnerships".