Bendigo moves to acquire Southern Finance Group
The Bendigo and Adelaide Bank has entered into an agreement to acquire the loan book and other investments and assets of Southern Finance Group.
The company announced the $290 million transaction to the Australian Securities Exchange (ASX) today, saying it had entered into a non-binding heads of agreement with Southern Finance Group.
It said the transaction represented an opportunity to increase its support of western Victoria and south-east South Australia - the regions where Southern Finance operates.
It said Southern Finance had developed strong relationships with its borrowers and note holders, and the bank looked forward to assisting these customers with their financial goals.
The announcement said that subject to satisfactory due diligence, commercial arrangements and necessary consents, the bank expected to finalise a binding agreement before the end of this year.
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