find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Citi acquires Coles credit card business

Citi acquires Coles credit card business

David Eliakim

Two firms have advised on the acquisition of Coles’ major credit card loan book by US financial giant Citi.

Firms: King & Wood Mallesons (Citi), Herbert Smith Freehills (Coles Financial Services)

Deal: Citi has signed a 10-year deal to distribute Wesfarmers’ Coles-branded credit cards

Value: Undisclosed; portfolio gross receivables estimated at $880 million

Area: M&A

Key Players: Leading the KWM advisory team were partners Katherine Forrest and David Eliakim, who were assisted by Shabarika Ajitkumar, Jennifer Cheung and Rebecca Coventry.

Katrina Parkyn, Tim Sherman, Stuart Courtney and Joseph Power provided specialist stamp duty and tax advice. Michael Swinson and Kathryn Purcell-Hennessy assisted the team in IP; Karen Coleman and Veronica Oh assisted in contractual enforceability; Wayne Leach and Jodi Gray assisted in competition; Paul Smith and Daniel Bragg assisted the team in securitisation; and Malcolm Brennan and Alexandra Smith assisted with the Foreign Investment Review Board.

Brendan Earle led the Herbert Smith Freehills advisory team, supported by senior associates Nick Gowans, Kwok Tang, Hong-Viet Nguyen and Adam Charles.

Deal significance: The 10-year agreement means Citi will manage the operations of the Coles credit card portfolio, acquiring about $880 million in existing credit card receivables. Coles, a Wesfarmers subsidiary, is set to receive a share of the risk-adjusted revenue under the deal.

“The transaction is unique in this market as it involves the sale of a credit card loan book by an owner while the book is being serviced, and will continue to be serviced for a period, by a third-party operator,” Ms Forrest said.

Mr Eliakim commented on the significance of the deal, saying it was a testament to Citi’s strength in the credit card market.

“Citi is a leading player in the Australian credit card market and its ability to secure distribution arrangements with iconic Australian brands such as Coles is a tribute to the strength of [its] growing platform,” he said in a statement.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Citi acquires Coles credit card business
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...