RACQ’s merger with QT Mutual Bank


Leading independent law firm McCullough Robertson has advised RACQ on its merger with QT Mutual Bank (QTMB) with the transaction completed on 24 November 2016.

Lead Partner on the deal Jim Peterson (Picture) said the merger between a motoring body and an ADI was the first of its kind in the world, and would provide Queenslanders with a new member-owned force in banking.

The merger is a significant Queensland transaction and is also novel, as a transaction involving an ADI being acquired by an entity which is not a financial institution.

Mr Peterson and his team, including lead Senior Associate Ben Wood, acted for RACQ on various legal work streams, including due diligence, submissions for regulatory approvals, drafting disclosure materials and transaction implementation, in respect of its merger with QTMB by way of a scheme of arrangement and demutualisation of QTMB.

Involved fees earner: Jim Peterson – McCullough Robertson; Ben Wood – McCullough Robertson;

Law Firms: McCullough Robertson;

Clients: RACQ;

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Author: Michael Patrini