Banks & Financial Institutions

In this section

Banks and financial institutions are the subject of unprecedented scrutiny.

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will have flow-on effects across the sector, as will APRA's response to the self-assessment processes that are being undertaken. In turn, regulators have enhanced regulatory tools and enforcement practices – as well as a mandate to deliver.

Coupled with that, digital disruption is challenging the traditional shape of financial institutions in the form of FinTech, RegTech, challenger and neobanks, and open banking. Banks are also under pressure to fulfil their customers' expectations regarding increased digitalisation of services, while protecting their data.

With evolving corporate governance expectations for boards and management, managing risk is critically important – requiring financial institutions to strike the right balance between incentives, culture and processes.

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.

You may also be interested in

Corporate and Tax Whistleblower Reforms

The long-awaited reforms to Australian whistleblowing legislation have passed, seeking to improve compliance with the law and promote a more ethical culture within organisations.

Class Action Risk 2018

Class action risk continues to increase and is becoming more complex than ever before. Assessing this risk for your organisation is extraordinarily challenging and requires a broad-based perspective of the wider class actions landscape.

Your business post Royal Commission

Our comprehensive analysis of how the recommendations will affect key areas - 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.