King & Wood Mallesons has advised Auswide Bank Ltd in relation to its acquisition by way of demutualisation and scheme of arrangement of Queensland Professional Credit Union Ltd (trading as Your Credit Union) (YCU). The cash and scrip deal, which was implemented today, is the first merger between a listed bank and mutual ADI in over ten years.

The KWM team was led by Brisbane-based partner Rhys Casey, supported by solicitors Akshay Naran and Stephanie Courtice. Philip Pan and Natalie Caton assisted with the scheme court process and Katrina Parkyn on tax.

Commenting on the deal, Rhys Casey said “We are delighted to have supported longstanding client Auswide Bank in relation to its acquisition of YCU, which significantly enhances Auswide Bank’s footprint in South-East Queensland. YCU members showed great support for the deal and given the recently announced merger between RACQ and Queensland Teachers’ Mutual Bank, it will be interesting to see if there is further consolidation in the mutual space”.

Auswide Bank was also advised by EY. Bright Corporate Law acted for YCU.