Equity Trustees has confirmed it is in discussions with Bendigo and Adelaide Bank regarding a potential acquisition of the Sandhurst Trustees estates business.
In a statement on the ASX, Equity Trustees managing director Mick O’Brien said the company has been “conducting due diligence to assess the strategic and financial merit of combining the two businesses”.
However, Mr O'Brien said that as of yet no agreement has been reached.
The announcement came in response to an article published in The Australian, which said Bendigo and Adelaide Bank “is the latest financial services company to have placed its trustee business up for sale”.
Equity Trustees said that it would make more information regarding the acquisition available to the market “as appropriate”.
A spokesperson for the Equity Trustees told InvestorDaily it was too early to provide any further comment on the potential acquisition.
Bendigo and Adelaide Bank's head of public relations said the bank "does not comment on speculation".