BEN proposes to acquire assets of Southern Finance
Bendigo and Adelaide Bank Limited (“BEN” or “the Bank”) has entered into a non-binding heads of agreement to acquire the loan book, certain investments, equipment finance assets and financial planning business of Southern Finance Group Limited (“Southern Finance”) totalling approximately $290 million.
The Bank is pleased to have the opportunity to increase its support of Western Victoria and South East South Australia where Southern Finance operates.
The Bank has more than 35 branches, including 15 Community Bank® branches in this region, five of which have opened within the last three years.
Southern Finance has developed strong relationships with its borrowers and note holders and the Bank looks forward to assisting these customers achieve their financial goals.
Subject to satisfactory due diligence, commercial arrangements and necessary consents, the