Media Release: Clayton Utz congratulates Newcastle Permanent on green light for $19.5 billion Greater Bank merger

07 Nov 2022
Time to read: 1 minutes

Clayton Utz was privileged to be chosen to advise Australian-owned community bank Newcastle Permanent, whose members agreed to merge with fellow customer-owned mutual, Greater Bank – a $19.5 billion deal that will create Australia’s largest owned community bank with around 600,000 customers.

Corporate / M&A partner Stephanie Daveson led our cross-practice team, core members of which included: special counsel Andrew Mackenzie and senior associate Lisa Tolhurst (Corporate), partner Christy Miller and senior associate Brett Thompson (Workplace Relations, Employment & Safety), partner Brendon Lamers and director Alex Lebsanft (Tax), special counsel Craig Hine (Regulatory and compliance), partner Cameron Gascoyne (Intellectual Property & Technology) and partner Kirsten Webb, senior associate Doug Thompson and lawyer Lindsay Norton (Competition).

Newcastle Permanent and Greater Bank are both based in NSW’s Hunter region. The merger was announced on 3 August last year and is expected to take effect on 1 March 2023, subject to final regulatory approvals.

Commenting on our involvement, Stephanie said:

We are excited to have assisted Newcastle Permanent structure the transaction in an innovative way not used before in mergers of this type and navigate the regulatory approvals associated with this.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.