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Novel mutual bank merger completed

Novel mutual bank merger completed

The merger of a motoring body with QT Mutual Bank is believed to be the first such transaction in history.

Firm: McCullough Robertson (Royal Automobile Club of Queensland Ltd)

Deal: QT Mutual Bank (QTMB) has finalised its merger with the Royal Automobile Club of Queensland Ltd (RACQ).

Value: Undisclosed

Area: M&A

Key players: McCullough Robertson partner Jim Peterson led the team advising RACQ. Senior associate Ben Wood assisted.

Deal significance:

RACQ’s merger with QTMB finalised in November. A statement issued by McCullough Robertson, the firm advising motoring body RACQ on deal, said the agreement would “provide Queenslanders with a new member-owned force in banking”.

According to lead partner Jim Peterson, the transaction was a significant deal for Queensland. He noted that it was unique for a mutual bank to be acquired by non-financial institution.

“This is a world-first, highly complex and game-changing deal for two member-based organisations,” Mr Peterson said.

“McCullough Robertson was delighted to advise RACQ on this potentially transformative transaction.”

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