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Suncorp secures strategic sale of portfolios with BigLaw assistance
BigLaw firm King & Wood Mallesons has assisted bank Suncorp in the strategic sale of several of its portfolios.
Naomi Neilson
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Firm: King & Wood Mallesons (Suncorp Group Limited)
Deal: King & Wood Mallesons (KWM) has advised Suncorp on the strategic sale of its Australian wealth business, Suncorp Portfolio Services Limited to LGIAsuper following a competitive process.
Value: N/A.
Area: Finance.
Key players: The team was led by partners Rhys Casey and Sarah Yu who were supported by senior associate Matt McKeown. Bryony Evans and Charles Davies handled the transitional services aspect of the transaction while Simon Cooke handled the competitive aspects, with Mandy Tsang covering insurance.
Deal significance: Suncorp considers the sale a good outcome for Suncorp’s 137,000 superannuation members and would continue the simplification of the Suncorp Group portfolio. Subject to necessary regulatory approvals, it is expected that the deal will be completed in the financial year 2022.
Commenting on the transaction, Mr Casey said: “It has been a pleasure supporting Suncorp on the sale of its Australian Wealth business, which helps support Suncorp’s strategy of focusing on its insurance and banking customers.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
You can email Naomi at:
