Bank of Queensland’s $1.3 Billion Acquisition of ME Bank

Arnold Bloch Leibler has advised ME Bank on its $1.325 billion sale to the Bank of Queensland, represented by King & Wood Mallesons.Bank of Queensland has agreed to buy ME Bank from its industry super fund shareholders for $1.325 billion after months of negotiations.

The acquisition will be fully funded by an equity raising, underwritten by UBS and Goldman Sachs.

The regional lender will take complete control of ME Bank and will pick up its entire $26.6 billion loan book to become the fifth biggest bank in the country, doubling its size in the process.

The takeover should be completed by the end of August and the resulting entity will serve approximately 1.45 million people.

ME Bank, also known as ME, is an Australian direct bank based in Melbourne, Victoria.

The Bank of Queensland is an Australian retail bank with headquarters in Brisbane, Queensland.

The ABL team was led by Corporate/M&A Partner Christine Fleer (Picture) and Regulatory Partner Elyse Hilton – who managed the overall transaction – with assistance from a cross-practice team of other partners and lawyers advising on various aspects including banking, competition, employment and tax advice. The deal team also included Partners Jeremy Lanzer (Capital Markets), Matthew Lees (Competition), Clint Harding (Tax), Bridget Little (Workplace Advisory), Special Counsel Laila De Melo (Banking & Finance), Senior Associates Luke Jedynak, Vidushee Deora (Corporate/M&A), Rachel Soh (Workplace Advisory), Peter Scott (Tax), Lawyers Charlotte Inge, Miguel Ferreira, Karri Walker, Anna Sandiford, Nicole Phillips (Corporate/M&A), Harriet Craig (Litigation), Claire Southwell (Competition), Rebecca Ryan (Banking & Finance), Law Graduates Yvonne Truong, Billy Sakis, Ryan Taylor (Corporate/M&A), Sinead Butler, Molly Scott, Aadil Master (Litigation), Alex Rasmussen (Tax), and Paralegal Craig Evans (Litigation).

The KWM team included partners Rhys Casey and David Friedlander, supported by Senior Associates Jo Ruitenberg and Matt McKeown and solicitors Tamara Akl, Samantha McDonald, Caroline Paskevich and Astrid Sugden.  Simon Cooke handled the competition aspects, with Kate Jackson-Maynes and Sam Farrell covering regulatory, Kirsten Bowe on IT/IP and Mandy Tsang on insurance.

Involved fees earner: Harriet Craig – Arnold Bloch Leibler; Laila De Melo – Arnold Bloch Leibler; Vidushee Deora – Arnold Bloch Leibler; Miguel Ferreira – Arnold Bloch Leibler; Christine Fleer – Arnold Bloch Leibler; Clint Harding – Arnold Bloch Leibler; Elyse Hilton – Arnold Bloch Leibler; Charlotte Inge – Arnold Bloch Leibler; Luke Jedynak – Arnold Bloch Leibler; Jeremy Lanzer – Arnold Bloch Leibler; Matthew Lees – Arnold Bloch Leibler; Peter Scott – Arnold Bloch Leibler; Nicole Phillips – Arnold Bloch Leibler; Rebecca Ryan – Arnold Bloch Leibler; Anna Sandiford – Arnold Bloch Leibler; Rachel Soh – Arnold Bloch Leibler; Claire Southwel – Arnold Bloch Leibler; Karri Walker – Arnold Bloch Leibler; Tamara Akl – King & Wood Mallesons; Kirsten Bowe – King & Wood Mallesons; Rhys Casey – King & Wood Mallesons; Simon Cooke – King & Wood Mallesons; Samuel Farrell – King & Wood Mallesons; David Friedlander – King & Wood Mallesons; Kate Jackson-Maynes – King & Wood Mallesons; Samantha McDonald – King & Wood Mallesons; Matt McKeown – King & Wood Mallesons; Caroline Paskevich – King & Wood Mallesons; Jo Ruitenberg – King & Wood Mallesons; Astrid Sugden – King & Wood Mallesons; Mandy Tsang – King & Wood Mallesons;

Law Firms: Arnold Bloch Leibler; King & Wood Mallesons;

Clients: Bank of Queensland; ME Bank;

Sonia Carcano

Author: Sonia Carcano