Bell Gully is advising Superbank and St.George Bank on the exit by St.George Bank from its Superbank operations in New Zealand.
The firm has advised on the successful sale of Superbank's residential mortgage portfolio to GE Money and on an agreement with Kiwibank to provide Superbank's deposit customers with a convenient transfer of their account balances. It is also advising on regulatory issues involving the Reserve Bank.
Superbank is a joint venture between St.George Bank and Foodstuffs, and was launched in February 2003 to provide phone and internet banking in New Zealand. Following a recent strategic review, St.George Bank and Foodstuffs decided to wind down the Superbank business and sell its mortgage portfolio.
Bell Gully partners Jonathan Ross and Hugh Kettle advised on the transaction, assisted by senior solicitor Lucy Sykes and solicitor Stacey Lulham.
The firm advised St.George Bank on the establishment of Superbank.