Allen & Overy advises as Lloyds Banking Group offloads Australian assets

Allen & Overy and Australian firm Minter Ellison have advised Lloyds Banking Group in selling its Australian operations to Australian bank Westpac for £900m (A$1.55bn).

The deal is one of the largest financial services transactions in Australia and will see Lloyds Group sell its Australian asset finance business, Capital Finance Australia (CFAL), and its corporate loan portfolio, BOS International Australia to Westpac Banking Corporation.

Allen & Overy, led by Sydney corporate partner Michael Parshall, and Minter Ellison, fielding Sydney corporate partner Victoria Mathewson, acted as joint legal advisors to the Lloyds Group in the sale.

“It [the transaction] involved more than A$8bn of underlying assets and required a focussed and experienced deal team. We enjoyed working closely with the Minter Ellison team, who complemented our skills and experience and together we were able to deliver a successful outcome for our longstanding client,” said Parshall.

The Lloyds Group is a major global client of Allen & Overy, while Minter Ellison also has a strong relationship with the group, having advised the client in a number of prior significant portfolio sales in Australia and New Zealand.

Westpac was advised by Australian firm Gilbert + Tobin, led by Sydney corporate partner Peter Cook and competition partner Gina Cass-Gottlieb.

The sale of CFAL and BOSI, expected to complete on 31 December, is in line with the Lloyds Group’s strategy of focusing on the UK market and ensuring best value for shareholders.