Allens acts on credit joint venture
18 May 2011
Allens Arthur Robinson (Allens) has advised longstanding client Experian® on the establishment of a new credit provider service in Australia. The new $30 million joint venture (JV) introduces a new player into the market, Experian Australia Credit Services Pty Ltd.
The owner of 16 credit bureaus around the world, Experian maintains information on more than 500 million consumers and uses that information to assist companies with risk evaluation.
The JV with six major banks, including Citibank and GE Capital, will be majority-owned by Experian. It will provide consumer and business credit information to credit providers in Australia, but will need to gain regulatory approval in order to do so.
Partner Niranjan Arasaratnam led the Allens team, which advised Experian on shareholder arrangements, data supply agreements, competition issues, privacy regulation and ancillary agreements.
'The JV will increase competition in the marketplace and improve transparency for businesses and consumers,' Mr Arasaratnam said.
'We were pleased to assist Experian, whose global experience with credit bureaus will benefit Australia's financial services industry.
'Allens has previously worked with Experian in Asia and we look forward to assisting them in the future.'
| Allens legal team | Niranjan Arasaratnam (Partner – Melbourne), David Brewster (Partner – Melbourne), Victoria Wark (Senior Associate – Melbourne), Larissa Macpherson (Senior Associate – Melbourne), Alexander Gelis (Senior Associate – Melbourne) and Margaret Walsh (Lawyer – Melbourne) |
Ends
For further information, please contact:
- Susan CowenCommunications Coordinator,
Melbourne
Ph: +61 3 9613 8374
Susan.Cowen@allens.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.