King & Wood Mallesons (KWM) is pleased to have supported Auswide Bank Ltd (Auswide) on its merger with MyState Limited (ASX: MYS), by way of an all-scrip scheme or arrangement (Scheme). The Scheme was approved by Auswide shareholders on 3 February 2025 and implemented on 19 February 2025.
As a result of the Scheme, Auswide is now a wholly owned indirect subsidiary of ASX listed MyState Limited. The merged group is expected to be included in the S&P/ASX 300 index.
The core KWM team was led by partners Rhys Casey and Jason Watts and supported by Caroline Paskevich and Vanessa Hang, with support from KWM’s banking and finance, securitisation and employment teams. Judith Taylor assisted with the ATO class ruling.
“Auswide has been a longstanding client of KWM and it has been a privilege working with them throughout the years. This is an exciting time for the business and we look forward to seeing what is next for the merged group,” said Rhys Casey, commenting on the transaction.
Consolidation in the banking sector is expected to continue in response to a confluence of factors, including regulatory changes, risk management and capital demands. KWM is a leading adviser in the financial services sector and is proud to have been able to support Auswide on this transaction.
