Cleary Gottlieb represented Santander UK in the offering of $1 billion 2.375% notes due 2020 by Abbey National Treasury Services, a wholly-owned subsidiary of Santander UK. The notes are guaranteed by Santander UK. The notes include provisions to reflect the recently adopted “bail-in” power under the UK Banking Act. The offering, a takedown from Abbey National Treasury Services’ and Santander UK’s shelf registration statement, closed on March 16, 2015.
Santander UK is a major financial services provider in the UK, operating across a wide range of personal and corporate banking products and services.