Financial Services

Our Financial Services & Insurance industry group is at the forefront of development across this complex, highly regulated and constantly changing sector. We are closely involved with all aspects of financial services, so we understand fully the operational and regulatory issues that the industry faces. Our specialist lawyers practice in the areas of banking, superannuation, funds and life and general insurance. We have unparalleled experience in and understanding of financial product advice and distribution, whether through aligned dealer groups or the open market.

Financial services is one of the core industry groups on which MinterEllison is founded. We act for the Big Four banks and other major financial services organisations in Australia and overseas. We provide commercially astute advice in M&A, capital markets, banking & finance, insurance, corporate governance, regulatory matters, tax, restructuring & insolvency, outsourcing and competition.

We are active participants in the key financial services industry associations, contributing to the policy debate and submissions to government on regulatory change. We invest the time to develop innovative products and solutions for our financial services clients to assist them comply with licensing and other financial services regulations.

We also have extensive experience in dealing with regulators — such as ASIC, APRA, ACCC, ASX, State Revenue Office and the ATO — and understand the regulatory outcomes they are trying to achieve.

Ascendas Real Estate Investment Trust's A$1.013 billion acquisition of GIC's and Frasers Property Australia Pty Limited's logistics property portfolio in Australia

Advised Ascendas Real Estate Investment Trust on its acquisition of a portfolio of 26 logistics properties located in Australia for A$1.013 billion from Singapore's sovereign wealth fund, GIC, and Frasers Property Australia Pty Limited. The deal involved establishing a wholly owned managed investment trust structure to acquire the properties though a combination of unit trust acquisitions and direct property acquisitions. This is the largest-ever industrial property deal in Australia and the second largest industrial property deal to date in the Asia Pacific. The quality of the portfolio attracted significant competition from domestic and international property investors. Ascendas' exclusive period of negotiation with the vendors was conducted on an extremely tight timetable. This, together with the complexity of the transaction, required seamless coordination and collaboration between our Australian team and Allen & Gledhill LLP, Ascendas' legal adviser in Singapore.

A$1.6 billion Lloyds Banking Group sale of Capital Finance and BOS International Australia

Acted together with Allen & Overy as joint legal advisers to the Lloyds Banking Group on the sale of its Australian asset finance business, Capital Finance Australia Ltd (CFAL), and its corporate loan portfolio, BOS International Australia Ltd (BOSI) to Westpac Banking Corporation for approximately A$1.55 billion in total. The sale comprises a motor vehicle finance book of A$3.9 billion, equipment finance book of A$2.9 billion and a corporate loan portfolio of A$1.6 billion.

Infratil and New Zealand Superannuation Fund acquisition of RetireAustralia Group

Acted for the ASX & NZX listed Infratil Australia Limited and the New Zealand Superannuation Fund on the $640m acquisition of 100% of Brisbane based RetireAustralia group, Australia's fourth largest retirement village operator. Our role was to provide legal and taxation services to the bidder, including assistance with Australian and New Zealand legal, regulatory, finance, tax and stamp duty advice. We also provided advice in relation to the assumption of the existing debt arrangements.

Revolving Cash Advance & Bank Guarantee Facilities - SCA Property Group

Advised on the stablishment of a A$150 million revolving cash advance and bank guarantee facilities to the newly-formed SCA Property Group in connection with the spin-off of Woolworths' property portfolio in Australia and New Zealand (consisting of 69 neighbourhood, sub-regional and freestanding shopping centres) valued at approximately A$1.4 billion.

Financing of acquisition of Sofitel Gold Coast Hotel

Acting for the lender on secured facilities of up to A$45,000,000 to fund the acquisition of the Sofitel Gold Coast Hotel by an Australian subsidiary of the Huayu Group.