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Bendigo and Adelaide Bank completes ANZ Investment Lending transaction

3 April 2023 |Announcements

Bendigo and Adelaide Bank Limited (ASX:BEN) has completed and integrated the ANZ Investment Lending Portfolio (“ANZIL”) acquisition. The acquisition was previously announced to the ASX on 7 July 2022. Completion of the acquisition will allow Bendigo and Adelaide Bank (“the Bank”) to further grow its margin lending business, Leveraged Equities Limited (“Leveraged Equities”), one of the leading and most established margin lenders in Australia.

The value of the portfolio the Bank has acquired is approximately $558 million. Leveraged Equities will now service 37,000 customers with a total portfolio value of more than $1.9 billion. The Bank paid an immaterial premium over book value, which in total was funded through the ordinary course of business operations.

Bendigo and Adelaide Bank CEO and Managing Director Marnie Baker said:

“We are pleased to announce the completion of this transaction as we pursue our vision to be Australia’s bank of choice. This transaction will strengthen the leading position of our margin lending business and enhance the scale of its operations in a meaningful way.”

“We are Australia’s most trusted bank with market leading customer advocacy and satisfaction scores. Customers are attracted to our Bank by our products, digital capability, service levels and our longstanding purpose of feeding into the prosperity of the community. We look forward to welcoming a new group of customers to our Bank and the Bendigo way.”

Head of Leveraged Equities Lily Elliott said:

“We are pleased to announce the integration of this portfolio into the Leveraged Equities business as scheduled. The addition of this portfolio will see our market share of the margin lending business rise to 13 percent, building on our leading position.”

“This important acquisition aligns with our strengthened focus on returns, execution and sustainability.”

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Information on this page can change without notice to you.
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