Home Building Society

A$120m Merger by Scheme with Statewest Credit Society

June 2006

Azure Capital was appointed as an adviser to Home Building Society in 2004. After assisting with a number of other initiatives, Azure advised Home on the acquisition of StateWest Credit Society (StateWest). This complex transaction involved the demutualisation of StateWest and subsequent merger by scheme of arrangement. It was the first time in Australia that a listed financial services business had acquired a mutual credit union.

The transaction was warmly received by the capital markets and Home’s share price increased more than 60% from pre transaction levels on announcement. The merger formed Western Australia’s largest independent regional financial institution.