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 Minter Ellison 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.

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

Minter Ellison and Allen & Overy acted 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.

Shorter Product Disclosure Statements (PDSs)

Minter Ellison has been active in relation to the federal government's introduction of a shorter product disclosure statement (PDS) regime for margin loans, superannuation and managed investment schemes, which must be complied with by 22 June 2012. We advised on submissions made by the Financial Services Council, hosted client workshops and, more recently, we have reviewed draft PDSs, advising on technical issues, liaising with regulators, and advising on due diligence procedures for a number of clients.

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.

Suncorp Sale of Tyndall Asset Management

Acted for Suncorp on its A$128.5m sale of the Tyndall asset management business to Nikko Asset Management. Suncorp remains Tyndall's major client, creating an important strategic customer partnership going forward, and approximately A$18bn of Suncorp directed funds continue to be managed by Tyndall Investments.

Watermark Market Neutral Fund Limited IPO

Advising Morgan Stanley Australia Securities Limited and Macquarie Capital (Australia) Limited in relation to their roles as joint lead managers of the Watermark Market Neutral Fund Limited (Watermark) initial public offering (IPO).  Watermark is seeking to raise up to $120 million under the IPO and to list on ASX Limited as a 'listed investment company'.