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Newcastle Permanent merger to create Australia’s largest owned community bank
Clayton Utz has advised Newcastle Permanent on its merger with Greater Bank in a deal worth $19.5 billion.
Emma Musgrave
Firms: Clayton Utz (Newcastle Permanent); Undisclosed (Greater Bank)
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Deal: Newcastle Permanent and Greater Bank have agreed to merge. The merger is expected to take effect on 1 March 2023, subject to final regulatory approvals.
Value: $19.5 billion
Area: Merger and acquisition; corporate
Key players: The Clayton Utz team was led by corporate/M&A partner Stephanie Daveson.
The cross-practice team comprised special counsel Andrew Mackenzie and senior associate Lisa Tolhurst (corporate), partner Christy Miller and senior associate Brett Thompson (workplace relations, employment and safety), partner Brendon Lamers and director Alex Lebsanft (tax), special counsel Craig Hine (regulatory and compliance), partner Cameron Gascoyne (intellectual property and technology) and partner Kirsten Webb, senior associate Doug Thompson and lawyer Lindsay Norton (competition).
Deal significance: Newcastle Permanent and Greater Bank are both based in NSW’s Hunter region. The deal between the pair is set to create Australia’s largest owned community bank with around 600,000 customers.
Commenting on the deal, Clayton Utz lead partner Stephanie Daveson said: “We are excited to have assisted Newcastle Permanent structure the transaction in an innovative way not used before in mergers of this type and navigate the regulatory approvals associated with this.”
