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Global law firm King & Wood Mallesons has advised Greater Bank Limited on its merger with Newcastle Permanent Building Society Limited, renamed Newcastle Greater Mutual Group Ltd.
Firm: King & Wood Mallesons (Greater Bank Limited)
It is expected, the firm said in a statement, “to provide an enhanced customer service proposition, continued investment of profits for the benefit of the Newcastle community and delivery of value for the combined membership group”.
The merger was approved by the Australian Prudential Regulation Authority and took effect on 1 March 2023.
Area: Merger and acquisition
Value: Undisclosed
Key players: The KWM team was led by partners Rhys Casey, Mark Vanderneut and Simon Cooke, who were supported by senior associate Caroline Paskevich and solicitor Sacha Kemp.
Deal significance: Speaking about the deal, Mr Casey said: “It has been a pleasure to support Greater Bank on this significant milestone in its history.
“Mutual ADI mergers are unique, and this transaction underscores the importance of the customer-owned model in Australia’s banking ecosystem.”
Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.
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Jerome Doraisamy
