Westpac’s Participation in The Formation of a Joint Venture to Develop a Blockchain-based Platform for Bank Guarantees

Gilbert + Tobin has advised Westpac on the transaction

The transaction, which has entered into its pilot-phase, involves the formation of a joint venture company by Westpac, ANZ, CBA, Scentre Group and IBM and the engagement of IBM for the development and implementation of a digital platform using blockchain technology to transform the way businesses obtain and manage bank guarantees.

This transaction represents a potential industry solution that participants could not have individually implemented. The distributed ledger-based platform, once developed and piloted, is anticipated to streamline current bank guarantee processes from a timing and risk perspective.

The G+T team was led by corporate partner Adam D’Andreti (Picture) with support from senior corporate lawyer Ilona Hunnisett. Partner Simon Burns led the Technology aspects of the transaction with support from lawyer Nikhil Shah. Partner Elizabeth Avery led the Competition + Regulation aspects with support from lawyer Richard L’Estrange. Lawyer Rebecca Smith provided Intellectual Property support.

Involved fees earner: Elizabeth Avery – Gilbert + Tobin; Simon Burns – Gilbert + Tobin; Adam D’Andreti – Gilbert + Tobin; Ilona Hunnisett – Gilbert + Tobin; Richard L’Estrange – Gilbert + Tobin; Nikhil Shah – Gilbert + Tobin; Rebecca Smith – Gilbert + Tobin;

Law Firms: Gilbert + Tobin;

Clients: Westpac Banking Corporation;

Author: Michael Patrini