McCullough Robertson advises on world first transaction as RACQ secures mutual bank merger
Our Corporate team has advised RACQ on its merger with QT Mutual Bank (QTMB).
Lead Partner on the deal Jim Peterson said the merger, which completed in November 2016, was the first of its kind in the world, and would provide Queenslanders with a new member-owned force in banking.
The team advised RACQ on various legal work streams including due diligence, submissions for regulatory approvals, drafting disclosure materials and transaction implementation.
The merger, by way of a scheme of arrangement and demutualisation of QTMB, is a significant Queensland transaction and is also novel, as a transaction involving an Authorised Deposit-Taking Institution being acquired by an entity which is not a financial institution.