Allens Arthur Robinson has advised longstanding client Experian on the establishment of a new credit provider service in Australia. The new $30 million joint venture (JV) introduces a new player into the market, Experian Australia Credit Services Pty Ltd.
The owner of 16 credit bureaus around the world, Experian maintains information on more than 500 million consumers and uses that information to assist companies with risk evaluation.
The JV with six major banks, including Citibank and GE Capital, will be majority-owned by Experian. It will provide consumer and business credit information to credit providers in Australia, but will need to gain regulatory approval in order to do so.
Partner Niranjan Arasaratnam led the Allens team, which advised Experian on shareholder arrangements, data supply agreements, competition issues, privacy regulation and ancillary agreements.
"The JV will increase competition in the marketplace and improve transparency for businesses and consumers," said Arasaratnam.
Mallesons Stephen Jacques acted for the banks.