Allen & Overy advises Lloyds Banking Group on the sale of select Australian businesses

Allen & Overy has acted as joint legal adviser with Minter Ellison to Lloyds Banking Group in respect of the sale of select Australian businesses. The group has agreed the sale of its Australian asset finance business, Capital Finance Australia, and its corporate loan portfolio, BOS International Australia, to Westpac Banking Corporation for approximately AUD1.55bn (£920m).

The consideration includes approximately AUD1.45bn for the shares in the operations and approximately AUD100m for the market value of derivative contracts.

The sale comprises a motor vehicle finance book of AUD3.9bn, an equipment finance book of AUD2.9bn and a corporate loan portfolio of AUD1.6bn.

The sale was a complex transaction run as a competitive bid process and required experience and knowledge not only of M&A but of debt capital markets, securitisation, derivatives and regulatory matters.

The Allen & Overy team was led by Michael Parshall. The Lloyds Group is one of Allen & Overy’s major global clients.

  • Print

Analysis from The Lawyer

  • Panel reviews

    Panel reviews 2014: The chosen ones

    Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all

  • training

    Accutrainee: Revolution postponed

    At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.

View more analysis from The Lawyer


One Bishops Square
E1 6AD

Jurisdiction: UK
No. of offices: 11
No. of qualified lawyers: 273