We advised the companies on the transactions

Davis Polk advised NatWest Group plc and NatWest Markets N.V. in connection with their separate cash tender offers for any and all of certain series of their respective outstanding U.S. dollar denominated securities with an aggregate principal amount outstanding of $7.34 billion. 

NatWest Group is the holding company of a large banking and financial services group. Headquartered in Edinburgh, NatWest Group operates in the United Kingdom and internationally through a network of branches, local banks and non-bank subsidiaries. The banks in the NatWest Group authorized in the United Kingdom include NatWest Markets Plc, National Westminster Bank Plc, Coutts & Co and Ulster Bank Limited. NatWest Group has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers.

NatWest Markets N.V. forms part of the NatWest Group and is based in Amsterdam with branches authorized in London, Dublin, Frankfurt, Madrid, Milan, Paris and Stockholm. NatWest Markets N.V. aims to help corporate and financial institutions manage their financial risks and to support them in achieving their short- and long-term financial goals while navigating changing markets and regulation. NatWest Markets N.V. principally operates in the European Economic Area and its services are built around rates, currencies and financing products.

The Davis Polk corporate team included partner Reuven B. Young and counsel Maxim Van de moortel. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Partner Jonathan Cooklin and associate Freddie Schwier provided U.K. tax advice. All members of the Davis Polk team are based in the London office.