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.
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
