ANZ was the bank at the other end of the deal, which took more than two years to complete
Herbert Smith Freehills (HSF) has advised Suncorp Group Limited on the $4.9bn sale of Suncorp Bank to ANZ.
The deal was first signed on 18 July 2022, but only reached completion on 31 July this year. HSF co-lead partner Tony Damian described it as “a significant transaction for the financial sector, involving a variety of governmental approvals”.
The Australian Competition Tribunal approved the sale on 20 February this year, while the Federal Treasurer approved it on 28 June under the Financial Sector (Shareholdings) Act.
“The completion of the sale was a significant strategic milestone and enabled Suncorp as a dedicated insurer to sharpen its focus on the way it delivered insurance to its customers and value for shareholders”, Suncorp Group CEO Steve Johnston said.
Damian led HSF’s team alongside fellow corporate M&A partner Matt FitzGerald. The following lawyers also assisted:
- Kristin Stammer – IP
- Linda Evans and Stephanie Panayi – competition
- Phillip McMahon – banking
- Priscilla Bryans - corporate governance
- Charlotte Henry - banking regulation
- Drew Pearson - employment
- Ian Reid - separation
The team was also supported by senior associates Lucinda Grant, Caitlin Walker, Eloise Jolly, Sam Gonski, Chris Nowland, and Carolyn Harris. Also contributing were solicitors Nini Lu, Spandan Das, and Nicholas Horwood, as well as graduate Charles Cunningham.
Suncorp’s legal team also collaborated with the HSF team. Then Group Executive (Completion & Transition) Belinda Speirs helmed the Suncorp legal team, which included executive manager (corporate advisory) David McManus, executive manager (legal regulatory and completion) Tarnya North, principal legal completion advisor (completion and transition) Andrew Phillips-Wild, and principal legal completion advisor (completion and transition) Samir Bhagat.
