In June, 2007165438+1October, 65438+February, 98% of the ordinary shareholders of Adelaide Bank voted to approve the merger plan with Bank of Bendigo. During the same period, the Australian Competition and Consumer Commission (ACCC) said that it would not oppose their merger plan, removing the last obstacle before the merger of the two companies. The Australian government approved the merger of the two major banks on 1 16 10/6.
After the merger, the assets of the two major banks exceeded US$ 55 billion, making them the fourth largest commercial bank in Australia, with more than 2 million customers, nearly 900 branches and outlets in all countries and regions, more than 90 branches, 275 local community bank branches, more than 65,438+0,900 ATMs, more than 5,600 employees worldwide and more than 25,000 employees in the holding company.
In March 2008, the merged bank was officially renamed as Bendigo-Adelaide Bank Limited (English name: Bendigo and Adelaide Bank Limited). Australian stock exchange listing code: BEN.
The legal status of Adelaide Bank and Bendigo Bank will be transferred to Bendigo-Adelaide Bank Co., Ltd., and the legal supervision of Adelaide Bank's financial derivatives and foreign exchange business will also be transferred to Bendigo-Adelaide Bank Co., Ltd., but the brands and trademarks of the two banks will continue to be used.
The merger of the two major banks will give full play to their respective competitive advantages in different fields, provide customers and traders with higher cost performance, and bring huge benefits to shareholders.
Mr. Hunt, a well-known investment bank, said that Bendigo Bank, as a well-known domestic retail brand, has a very large customer base and a large amount of bank deposits, but it lacks a breakthrough in large mortgage loans, while Adelaide Bank is the opposite. Although there are not many retail users, Adelaide Bank has always occupied a large market share in large mortgage loans, not only in mortgage loans and inter-bank wholesale business, but also the second largest holder of margin loans in Australia. "
When these advantages and differences originally caused by dislocation competition are combined, a relatively perfect state is formed. The two sides have complementary advantages, which can make efficient use of superior resources and open up markets in various fields, and also bring new vitality to the banking industry in this country.