Bendigo and Adelaide sells estates business
Bendigo and Adelaide Bank has sold its Estates business to Equity Trustees.
The two businesses announced the transaction late last year stating they had entered into a strategic partnership following the signing of an agreement.
Confirming the deal, Bendigo and Adelaide Bank managing director, Mike Hirst said the bank had received a number of approaches from various market participants with respect to a possible sale of the STL Estates business.
"Since the onset of the GFC, there has been a significant consolidation in the traditional trustee company industry, resulting in fewer traditional trustee companies, driven by significant scale benefits and cost synergies," he said.
Hirst said an extensive review of the Estates business had found that without significant investment, the business lacked scale relative to the others in the market.
He said STL would continue to maintain its funds management and superannuation businesses, which collectively account for about $5 billion in funds under management and administration, and its custody business.
The agreement for the sale of the Estates business is subject to ASIC approval.
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