Under the merger proposal, the Bank of Queensland is offering Bendigo Bank shareholders 0.748 of its shares and A$5.50 cash for each Bendigo share.
If successful, the acquisition will more than double the bank’s current branches, creating Australia’s fifth largest bank, in terms of branches, reported The New Zealand Herald.
Bank of Queensland managing director David Liddy said: This merger is important for the future of banking, particularly regional banking, in Australia. It’s about recognizing the changing landscape of the Australian financial services sector, and working together to be a more effective force and an alternative for the Australian public.
We see this transaction as a clear opportunity for two of the top regional banks to come together as a merged entity to create Australia’s ‘big small bank’ and ensure the sustainability of regional banking services in Australia.
