Banks & Financial Institutions

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Collaborating for economic stability

Banks and financial institutions are playing a critical role in stabilising Australia's economy during the COVID-19 pandemic. They are providing a financial resilience at a time of great uncertainty.

The industry is taking a long-term view and working pragmatically with its customers to help businesses remain viable and keep people in their homes. It's collaboration for economic stability and it's the best path forward to recovery.

The industry has emerged stronger in the wake of the Royal Commission into Misconduct and, in many cases, refocused on its core businesses. The intense legal and regulatory scrutiny remains, however, and while exceptions are being made, the industry cannot lose sight of the changes to come.

How we can help

We work with our clients as a strategic partner. In an evolving landscape, we aim to provide you with nimble and practical advice – both in relation to the law and commercial dynamics.

Solutions not only for you but your clients

Our financial services team draws on experts across a range of disciplines, including M&A, disputes, regulatory response, corporate governance, risk and advisory, banking and finance, and funds management, superannuation and wealth management.

Access to the right people with the right approach

Complex transactions not only require technical expertise but a commercial, solution-driven approach. We have the depth of experience and bench strength to handle the largest and most complicated transactions, and draw upon cross-practice expertise to provide an end-to-end offering.

Keeping you informed of what's to come

For close to 200 years, we have worked with lenders, borrowers, government, advisers and other participants in the financial services sector. We advise on best practice and, in many cases, have played a role in setting it. Also, our Alliance with Linklaters, one of the leading banking and finance law firms in the world, provides us with access to the latest global developments affecting you.

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Retail banking and responsible lending

COVID-19 has triggered global economic shock, and disrupted Australia's economy. As we enter a national state of economic 'hibernation', banks and lenders grapple with a sudden influx of relief requests from consumer and business customers.

Impacts of COVID-19 on superannuation

Superannuation industry is facing some immense challenges, key among them will be dealing with the fallout of the Government's announced changes to superannuation settings as part of its economic response to the pandemic.

The Royal Commission and what's ahead for your business

Our comprehensive analysis of how the recommendations will affect key areas to date - including governance and directors' duties, through to remuneration and culture - as well as a round-by-round review of the Commissioner's findings.

Experience

Banking Royal Commission

Advised banks, superannuation funds and executives in relation to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Westpac BBSW largest ASIC investigation ever conducted

In the ASIC investigation, and related proceedings, of potential manipulation of the Bank Bill Swap Reference Rate, known as BBSW and the Australia Equivalent of LIBOR. 

ANZ $2.5bn sale of its wealth management business

On the sale of its wealth management business to IOOF for $945 million, and life insurance business to Zurich, including IT systems, complex data sharing, use and governance arrangements.

ANZ on Australia's first unlisted renewable energy fund

On the capital call facility provided to a QIC funding vehicle for QIC's investment in the Powering Australian Renewables Fund. 

ANZ and NAB on $750m syndicated capital call facility

Provided to BHG Capital Fund I, which is one of the largest Australia and New Zealand focused private equity fund in the market of about $2 billion.

Securitisation transactions

ANZ, CBA, Westpac, Credit Suisse, BTMU, Citibank, Rabo, Bendigo, IFM and Challenger on new and established securitisation programs, and issuers and dealers on term securitisation transactions, across asset classes including residential mortgage loans, SME loans, debtor finance, auto loans and leases and trade receivables.

 

NAB on US$2bn syndicated debt facilities

For IFM Global Infrastructure Fund entities, as part of its global acquisition finance facility, involving capital call and fund NAV financing techniques.

Bendigo on $1.35bn acquisition of mortgage portfolio

From the Western Australian Government's Keystart Housing Scheme Trust, and Cerberus' acquisition of Bluestone Mortgages and their securitisation programs.

Bendigo issuance of subordinated floating rate notes

Valued at $275 million at a time when APRA's proposed changes to the minimum Tier 2 Capital required by ADIs caused major volatility and uncertainty in this section of the market.

Allianz regulatory review of add-on insurance products

In ASIC's ongoing industry-wide review into the sale of add-on insurance products through motor dealers.

QBE shareholder class action

The proceeding involved consideration of complicated factual and technical issues relating to the financial operations of a multinational insurer, insurance accounting, actuarial analysis and goodwill impairment testing. It also raised important legal issues for class action litigation in Australia.

Superannuation regulatory and governance matters

AustralianSuper, HESTA, Hostplus, Maritime Super, First State Super, Australia Post Superannuation Scheme and others on regulatory and governance matters. This includes on the establishment and management of wholly owned structures, compliance with SIS, APRA prudential standards, directors’ duties and on the implementation of a range of superannuation disclosure reforms, including new fee and cost disclosure rules.

 

 

Superannuation fund merger

Rio Tinto on its $13 billion merger with Equipsuper.

First State Super $2.86bn bid for Victorian title registry services

Including on the capital call facility to finance the acquisition, the first of its kind in Australia for a superannuation fund.