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.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
