Adelaide Bank shareholders will vote today on the proposed $4 billion merger with Bendigo Bank.
Bendigo has offered Adelaide Bank shareholders 1.075 of its scrip for every Adelaide Bank share. The new group will have about $7 billion of funds under management and advice and loans under management of more than $43 billion.
The merged entity will have an expanded national footprint of more than 380 branches covering all states and territories and 1.3 million customers nationwide. The new group will have a combined shareholder base of 82,000.
On Friday the federal treasurer granted Bendigo and Adelaide Banks permission to merge, one of the last stepping stones for the proposed merger and a precondition to its implementation.
The consent was required under the Financial Sector (Shareholdings) Act and the Banking Act.
In September the Australian Competition and Consumer Commission (ACCC) gave its blessing to the merger and followed due diligence enquiries by both parties on the proposed union.
Bendigo Bank and Adelaide Bank announced their intention to merge on August 9. Bendigo Bank confirmed in late June that it had ceased merger arrangements with Bank of Queensland.
