Sixth Street in Acquisition of Castle Trust Bank

Cleary Gottlieb is representing long-standing client Sixth Street on the acquisition of Castle Trust Bank, a UK-headquartered specialist bank serving nearly 170,000 customers, by vehicles backed by Sixth Street, a leading global investment firm, and affiliates of Bayview Asset Management (Bayview), a global alternative investment management firm, from J.C. Flowers and Co, a private equity firm solely focused on financial services.

As equal partners, Sixth Street and Bayview bring significant financial strength, deep expertise in credit markets and asset-based finance, and a long-term investment horizon well-suited to support financial institutions through periods of growth and transformation.

Sixth Street and Bayview have agreed to commit additional capital to fuel growth across the business, including expanding Castle Trust Bank’s retail savings franchise, broadening its product offering, and attracting additional customer deposits, while deepening its commitment to specialist property and retail finance through its Omni Capital Retail Finance business. These initiatives also position Castle Trust Bank to pursue potential inorganic asset opportunities at an attractive time in the market cycle.

For more information, please see the press release here.

The Cleary private equity team was led by partners Chris Gollop and Mike James, and included associates George Taylor and Alex Dawson. Partner Ferdisha Snagg advised on the financial regulatory aspects. Partners Vlad Novak and Paul Gilbert advised on the UK and EU competition matters. Partners Robert Sharpe and Susanna Parker, and associate Thomas Peet advised on the tax aspects.