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Banking merger on track

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Bendigo Bank and Adelaide Bank merger remains on track.
The merger between Bendigo Bank and Adelaide Bank remains on track with both parties completing the due diligence process.

The Adelaide Bank shareholders will now vote on the proposed merger between the two companies in November.
 
Adelaide Bank Group Managing Director Jamie McPhee said both management teams could now concentrate on finalising the scheme documentation to allow the vote to occur.
 
"Both organisations have worked cooperatively and constructively to complete this due diligence," McPhee said.

"Adelaide Bank remains confident in the strength of our business model and together with Bendigo Bank we continue to monitor the situation. We look forward to putting this merger proposal to our shareholders for their approval."
 
It is expected that scheme documentation will be sent to Adelaide Bank shareholders in October 2007, with a scheme meeting and final court hearing in November 2007.

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If successful, the merged group will be named Bendigo and Adelaide Bank Limited. The change of name will not impact branding.

Bendigo Bank confirmed in late June that it had ceased merger arrangements with Bank of Queensland.

The merged group will have about $7 billion of funds under management and advice and loans under management of more than $43 billion.

The boards of both Bendigo Bank and Adelaide Bank will each be reduced by two directors when the companies are merged. This will result in a board of 12, including two executive directors.

It will have approximately 82,000 shareholders, predominantly retail, and an expanded national footprint of more than 380 branches covering all states and territories.

The new group also plans to open another 25 branches later this year or early next year.

 

Banking merger on track
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