Bendigo and Adelaide Bank Buys AUD 1.35 Billion Residential Mortgage Portfolio. AUD 12 FVE Unchanged
Bendigo and Adelaide Bank is acquiring AUD 1.35 billion of standard residential home loans from wholly owned Western Australian Government lender Keystart Housing Scheme Trust. The transaction has been formalised by the Western Australian Government and is due to complete early December 2016. The purchase price is at a AUD 2.7 million premium of just 0.2% to the book value. Bendigo Bank announced a Share Purchase Plan, or SPP, to be launched in October 2016 to partially fund the acquisition. At ...Bendigo & Adelaide Bank provides a range of banking and other financial services including consumer, residential, business and commercial lending, deposit-taking, payments services, wealth management, funds management and superannuation, treasury and foreign exchange services. Co. provides these services primarily to retail customers and small to medium sized businesses throughout Australia. The key lending activities are commercial finance, business lending and consumer finance which includes residential loans, personal loans, credit cards and overdrafts. As of June 30 2016, Co. had total assets of A$68.58 billion and total deposits of A$57.05 billion.
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