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Greater Bank advised on merger with Newcastle Permanent
Global law firm King & Wood Mallesons has advised Greater Bank Limited on its merger with Newcastle Permanent Building Society Limited, renamed Newcastle Greater Mutual Group Ltd.
Jerome Doraisamy
Firm: King & Wood Mallesons (Greater Bank Limited)
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Deal: KWM has advised Greater Bank on its merger with Newcastle Permanent, which principally involved a transfer of Greater Bank’s customers and all of its assets and liabilities to Newcastle Greater Mutual Group.
It is expected, the firm said in a statement, “to provide an enhanced customer service proposition, continued investment of profits for the benefit of the Newcastle community and delivery of value for the combined membership group”.
The merger was approved by the Australian Prudential Regulation Authority and took effect on 1 March 2023.
Area: Merger and acquisition
Value: Undisclosed
Key players: The KWM team was led by partners Rhys Casey, Mark Vanderneut and Simon Cooke, who were supported by senior associate Caroline Paskevich and solicitor Sacha Kemp.
Deal significance: Speaking about the deal, Mr Casey said: “It has been a pleasure to support Greater Bank on this significant milestone in its history.
“Mutual ADI mergers are unique, and this transaction underscores the importance of the customer-owned model in Australia’s banking ecosystem.”
