Bendigo expands regional loan book
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SYDNEY, Nov 26 AAP
November 26 2012, 09:38AM
Bendigo and Adelaide Bank is buying the majority of assets of regional financial company Southern Finance Group for $290 million.
Bendigo has entered into a non-binding heads of agreement to acquire the loan book, equipment finance assets, the financial planning business and certain investments of Southern Finance, it said in a statement on Monday.
Southern Finance offers financial services in western Victoria and southeast South Australia, and Bendigo said it looked forward to continuing to assist the company's customers.
The acquisition was expected to be completed before the end of 2012, after the completion of due diligence, commercial arrangements and the receipt of the necessary consents, Bendigo said.