Linklaters advises Charity Bank on investment by Mercers’ Charitable Foundation
Linklaters has advised Charity Bank pro bono on the Mercers’ Charitable Foundation’s investment of £1m by way of subscription for ordinary shares in a deal announced yesterday.
Charity Bank provides affordable loans to charities and social enterprises, helping them to access the finance they need to grow and increase their social impact.. Since 2013, Charity Bank has focused on expanding to meet borrowing needs in the social finance sector, and this transaction represents another significant step towards its goal to substantially increase lending from £55m to over £250m by 2019.
The Linklaters team was led by Aisling Zarraga (Partner) and Tom Stack (Managing Associate), supported by Igor Rogovoy (US associate), who collectively spent more than 80 hours advising Charity Bank on this transaction.
Linklaters has developed a cross-jurisdictional, multidisciplinary social finance practice which is market-leading in developing innovative streams of finance for not-for-profit organisations and social enterprises, and has a reputation for breaking ground in this space. The firm acted pro bono for Charity Bank on this matter, having previously advised Charity Bank on its landmark investment from Big Society Capital in 2014.
Patrick Crawford, Charity Bank’s Chief Executive, said:
”As a bank for good, with modest resources and ambitious plans for growth, Charity Bank benefits greatly from the generosity of leading professional firms and their willingness to give us continuing support. Having advised us to an exemplary standard on the £14.5m investment by Big Society Capital in March 2014, we are delighted that a Linklaters team advised us pro bono on this increased investment by an existing shareholder, the Mercers’ Charitable Foundation,.”
For further information please contact Katie Taylor on 020 7456 2287