Noerr advises Greensill Bank AG on USD 20 billion notes programme

13.02.2018

Noerr advised Greensill Bank AG in connection with a notes programme running to an annual volume of up to USD 20 billion. Professor Kai-Michael Hingst and Dr Karl-Alexander Neumann from Noerr’s Hamburg office acted for the Bremen-based private bank which specialises in trade financing.

In the course of this notes programme, a Luxembourg securitisation SPV which is part of Greensill Capital, a leading provider of working capital solutions, securitises receivables in the context of supply chain finance solutions after such receivables were contributed to a double-trust structure under English law. Greensill Bank AG itself invests in the issued notes, which are also placed with investors on the capital market.

Noerr’s advice to Greensill Bank AG covered the regulatory qualification of the assumed risk portion of the Greensill Group from a regulatory perspective, focussing on the requirements of the German Banking Act (KWG), the German Securities Trading Act (WpHG) and the Minimum Requirements for Risk Management (MaRisk).

Advisors to Greensill Bank AG:

Noerr LLP (Hamburg): Professor Kai-Michael Hingst; Associate: Dr Karl-Alexander Neumann (both Financial Supervisory)