Banking & Finance

With over 100 professionals dedicated to our national banking and financial services team, we have the experience and expertise to provide innovative solutions to clients in the financial services industry. Leading our national practice are 11 partners, each with world-class expertise in banking and finance law.

We understand the increasing pressure financial services organisations are under to deliver greater efficiencies and faster results. It is this understanding and our hands on experience that enables our team to handle the largest transactions with the agility to be responsive to clients needs.

Our involvement in the industry means we are in a position to know the history behind commercial decisions and the compliance and regulatory issues that drove those decisions. This thread of continuity can greatly speed processes. All our key team members have an excellent understanding of finance law throughout Australia and Asia - which greatly improves communication and efficiency on cross border transactions.

Our banking and finance practice includes:

• structured finance
• project and infrastructure finance
• property and construction finance
• corporate and commercial finance
• trade and export finance
• equipment and asset finance
• regulatory and compliance advice
• retail banking

Recent matters:

• Industrea Limited - Acting for the acquirer on the acquisition funding for both senior debt and convertible bonds. The facility totals $250 million, with an enterprise value of $330 million. This project is managed by Nino Di Bartolomeo, Partner, Sydney.
• SP Telemedia - Acting for the acquirer on the acquisition financing. Total facilities $170 million, with an enterprise value of $230 million. This project is managed by Nino Di Bartolomeo, Partner, Sydney.
• BankWest and Bank of Scotland International Australia - Acted for BankWest and Bank of Scotland International on the $327 million senior debt financing of the construction of the high-rise commercial development project located at Raine Square, Perth which is to serve as Bankwest’s 42,000 square metre headquarters. The transaction was managed over a 12-month window and represents one of the largest construction financing deals ever banked out of Western Australia. This project was managed by Alen Pazin, Partner, Perth.

• Legal update: One step closer to new national consumer credit laws for Australia

  Following the release of the Australian Government’s Financial Services and Credit Reform Green Paper in June 2008 and agreement at the March and July 2008 Council of Australian Governments (COAG) meetings to transfer consumer credit regulation from the Australian States/Territories to the Australian Commonwealth, a 2-stage plan was agreed by the Premiers and Chief Ministers at the COAG meeting in Perth on 2 October 2008.

  3 Oct 08 Alison Deitz

• Legal update: First Home Saver Account – Corporations Amendment Regulations 2008 (No. 5)

  New regulations have been made to amend the Corporations Regulations 2001 to further clarify the provisions relating to the form and content of the First Home Saver Account (FHSA) product disclosure statement (PDS).

  25 Sep 08 Alison Deitz

• AML update: AUSTRAC’s AML/CTF Act reporting implementation policy

  On 19 September 2008, AUSTRAC released a reporting implementation policy to assist reporting entities with new reporting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Reporting entities will need to report suspicious matters and, if applicable, threshold transactions and international funds transfer instructions to AUSTRAC, commencing from 12 December 2008.

  22 Sep 08 Alison Deitz

• Legal update: “Guide to Handling Personal Information Security Breaches” is now available

  On 25 August 2008, the Australian Privacy Commissioner released a data breach guide for use by businesses, agencies and non-government organisations in preventing and, if necessary, responding to a data breach.

  27 Aug 08 Phillip Kong

• Deacons in the press: Privacy reforms may spur more class actions

  Lawyers are divided over whether reforms to privacy law, including mandatory reporting of data breaches and loss of exemption from the law for small businesses, will lead to a surge in litigation and class action lawsuits based on a new statutory cause of action, reports The Australian Financial Review, 15 August 2008.

  15 Aug 08 Kate Alexander, Alison Deitz

• Legal update: Australian Law Reform Commission’s final report on privacy law review released

  The ALRC’s final report on privacy “For your information: Australian Privacy Law and Practice” was released on 11 August 2008. The ALRC 108 consisting of 3 volumes and 2700 pages is the culmination of a massive research and consultation exercise conducted over 2 years, and recommends 295 changes to privacy laws and practices in Australia.

  12 Aug 08 Alison Deitz

• Media release: Deacons completes Raine Square financing

  Leading international law firm Deacons has completed the senior debt financing for the construction of Perth’s Raine Square - one of Western Australia’s largest commercial property developments, and one of the most significant construction financings ever banked out of Perth.

  7 Jul 08 Alen Pazin , Kate Alexander

• Deacons in the press: Perth resources show forces

  Post credit crunch, Perth's commodities, resources and infrastructure sectors show no signs of slowing down, reports Lawyers Weekly, 27 June, 2008. Deacons partner, Alen Pazin, says "there has certainly been a growing sophistication of, and growing appetite locally for infrastructure projects, whether it be power, oil and gas or resources services."

  30 Jun 08 Alen Pazin , Kate Alexander

• Legal update: Proposed national consumer credit regulation and unfair contract terms legislation recommended in Australia

  Two reports released by the Australian Government are likely to impact on the consumer credit industry in Australia.

  6 Jun 08 Alison Deitz

• Deacons in the press: City Beat

  The Courier Mail, 10 May 2008, reports that David Lyons has "dived into local law firm Deacons" as a partner of the national banking and finance group, based in Brisbane.

  13 May 08 David Lyons , Mary-Anne Webb