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Adelaide and Bendigo banks merge

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The merger between Adelaide Bank and Bendigo Bank was approved late last week.
Listed financial services group Adelaide Bank is expected to cease trading on the Australian Securities Exchange today after its merger with Bendigo Bank was approved late last week.

Last Friday the Federal Court of Australia approved the scheme of arrangement between the two banks.

The court orders are expected to be lodged with ASIC today, with Adelaide Bank shares will be suspended from trading on this date.

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The scheme record date for determining entitlements under each of the Adelaide Bank schemes is expected to be 27 November, and implementation of the schemes is scheduled to occur on 30 November 2007.

The merged group will be named Bendigo and Adelaide Bank. The change of name will not impact branding.

Bendigo and Adelaide Bank 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.

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

 

Adelaide and Bendigo banks merge
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