Piper Alderman aids in acquisition $715m ANZ margin lending portfolio

The deal will facilitate the growth of Bendigo and Adelaide Bank's margin lending business

Piper Alderman aids in acquisition $715m ANZ margin lending portfolio

Piper Alderman has helped Bendigo and Adelaide Bank (BEN) to successfully acquire a margin lending portfolio from Australia and New Zealand Banking Group (ANZ) for $715m. 

The transaction will enable BEN to further grow its margin lending business Leveraged Equities (LE), which the company said is one of the longest established margin lenders in Australia. The acquisition of the ANZ portfolio is expected to take the combined value of LE’s margin lending portfolio to more than $2bn upon completion.

The deal will be funded through the ordinary course of business operations. BEN will pay an immaterial premium over book value for the high-return portfolio.

“The portfolio we are acquiring is well established and primarily comprises retail customers which will complement Leveraged Equities’ client base of professionals and clients under advice,” BEN managing director and CEO Marnie Baker said. “We believe there is a strong future for margin lending in Australia, and this acquisition will create further opportunities for growth.”

The Piper Alderman team advised BEN on preliminary negotiations, drafting and negotiating the transaction documentation, and on all other issues relevant to the deal. Partner James Dickson and senior associate Liam Higgins led the deal team on all stages of the transaction. 

Assisting the deal team were partners Mark Gordon, Shannon Adams, Joshua Annese, Andrew Rankin, and Will Fennell, who provided expert advice in relation to numerous specialist issues arising from the transaction process.

Recent articles & video

US law firm Locke Lord to pay settlement over ex-client's alleged fraud

WarnerMedia seeks to disqualify law firm over alleged ethical breaches in mass arbitration campaign

New security law raises concerns amid decline in Hong Kong business sentiment

Perkins Coie opens London office to establish new tech-focused corporate practice

G+T guides Mitsubishi UFJ Trust and Banking on $2.1bn pickup of Link Group

HWL Ebsworth reveals new leadership and management structure

Most Read Articles

NSW Supreme Court sets trial date for landmark strip search class action

W+K adopts gen-AI tool designed for Australian legal market

K&L Gates Advises Centuria on acquisition of massive glasshouse in Victoria

Hunt & Hunt announces support for St Kilda Film Festival