Allens has advised Bendigo and Adelaide Bank on a strategic partnership with Equity Trustees involving the sale of its Estates business.
The strategic partnership also includes a five-year referral arrangement through which Equity Trustees will provide estate planning, management and administration support for Bendigo and Adelaide Bank customers throughout Australia.
Bendigo's Estates business is currently managed by wholly owned subsidiary Sandhurst Trustees.
Sandhurst Trustees will continue to maintain its funds management and superannuation businesses.
'We congratulate Bendigo and Adelaide Bank on this strategic partnership and divestment,' said lead partner Emin Altiparmak.
'The sale of the Estates business, which dates back to the 1880s, presents significant opportunities for both parties, and continues the trend of consolidation in this sector.
'We're excited to work with Bendigo and Adelaide Bank as it continues to find new ways to create value for its customers and shareholders.'
The deal signed on 19 December and remains subject to ASIC approval.
Allens legal team
Emin Altiparmak (lead partner), Georgie Korman (Senior Associate), Dale Straughen (lawyer)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.