Clifford Chance and King & Wood Mallesons have won roles as Australian consumer finance business Latitude Financial Services launches a A$1.1bn, or $840 million, master trust for its credit card business.

It is the first deal of its kind in Australia, involving a master trust structure like those used in the U.K. and U.S., which allows a collection of funds from individual investors to be pooled together.

Clifford Chance acted for consumer finance business Latitude on the transaction, with a team led by Sydney banking partner Caroline Jury and London capital markets partner Kevin Ingram. It is the first time the magic circle firm has advised Latitude, but it is a longstanding adviser to its former parent company GE Capital.

Ingram said: “Being able to adapt an internationally recognized financing structure to the requirements of Australian law and market practice was key to the success of the transaction. We were able to achieve this through using our strengths in finance and capital markets in Sydney and London as an integrated team.”

“The structure has adapted the U.K. approach to credit card securitizations to make it work in Australia. We structured and documented the first public U.K. credit card securitization for MBNA in 1995,” he added.

Tax advice was given to Latitude by director Andrew Hirst at Greenwoods & Herbert Smith Freehills.

King & Wood Mallesons Sydney banking partners Paul Smith and Ian Edmonds-Wilson are leading the team representing underwriters of the deal.

Before being acquired by Deutsche Bank, alternative investment company Varde Partners and private equity business KKR in 2015, Latitude was previously GE Capital’s Australian and New Zealand consumer finance business.

Clifford Chance has acted for GE Capital on several deals including, in 2015, the $2.2 billion sale of its European private equity financing business to a unit of Japan’s Sumitomo Mitsui Banking Corp. London asset finance partner Oliver Hipperson acting for GE alongside London corporate partner Tim Lewis.

Clifford Chance and King & Wood Mallesons have won roles as Australian consumer finance business Latitude Financial Services launches a A$1.1bn, or $840 million, master trust for its credit card business.

It is the first deal of its kind in Australia, involving a master trust structure like those used in the U.K. and U.S., which allows a collection of funds from individual investors to be pooled together.

Clifford Chance acted for consumer finance business Latitude on the transaction, with a team led by Sydney banking partner Caroline Jury and London capital markets partner Kevin Ingram. It is the first time the magic circle firm has advised Latitude, but it is a longstanding adviser to its former parent company GE Capital.

Ingram said: “Being able to adapt an internationally recognized financing structure to the requirements of Australian law and market practice was key to the success of the transaction. We were able to achieve this through using our strengths in finance and capital markets in Sydney and London as an integrated team.”

“The structure has adapted the U.K. approach to credit card securitizations to make it work in Australia. We structured and documented the first public U.K. credit card securitization for MBNA in 1995,” he added.

Tax advice was given to Latitude by director Andrew Hirst at Greenwoods & Herbert Smith Freehills .

King & Wood Mallesons Sydney banking partners Paul Smith and Ian Edmonds-Wilson are leading the team representing underwriters of the deal.

Before being acquired by Deutsche Bank , alternative investment company Varde Partners and private equity business KKR in 2015, Latitude was previously GE Capital’s Australian and New Zealand consumer finance business.

Clifford Chance has acted for GE Capital on several deals including, in 2015, the $2.2 billion sale of its European private equity financing business to a unit of Japan’s Sumitomo Mitsui Banking Corp. London asset finance partner Oliver Hipperson acting for GE alongside London corporate partner Tim Lewis .