Adelaide Bank acquires Australia’s seventh-ranked Bendigo Bank.

On November 12, 2007, 98% of Adelaide Bank's ordinary shareholders voted to approve the merger plan with Bendigo Bank. At the same time, the Australian Competition and Consumer Commission (ACCC) said 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 November 16.

After the merger of the two major banks, the assets have exceeded US$55 billion, making it the fourth largest commercial bank in Australia, with more than 2 million customers and nearly 900 branches and operations in all countries and regions. points, more than 90 branches, 275 local community bank branches, and more than 1,900 ATMs. The number of employees worldwide exceeds 5,600. The total number of employees of the holding company exceeds 25,000, and the number of shareholders exceeds 82,000.

The merged bank was officially renamed Bendigo and Adelaide Bank Limited (English name: Bendigo and Adelaide Bank Limited) in March 2008. Australian Stock Exchange listing code: BEN.

The legal status of Adelaide Bank and Bendigo Bank will be transferred to Bendigo-Adelaide Bank Limited, and the legal supervision of Adelaide Bank's financial derivatives and foreign exchange businesses will also be transferred at the same time. to Bendigo-Adelaide Bank Limited, but the brands and trademarks of the two banks will continue to be used.

The merger of the two banks will give full play to their respective competitive advantages in different areas while serving customers. Providing higher cost-effectiveness to traders can also bring significant benefits to shareholders.

Mr. Hunter, a well-known investment bank, said that Bendigo Bank, as a well-known retail brand in the country, has a very large customer base and a large number of customers. Although Adelaide Bank does not have many retail users, it has always occupied a large market in large mortgage loans. share, not only in mortgage loans and inter-bank wholesale business, it is also the second largest occupier of margin loan business in Australia."

When these advantages and differences originally caused by misaligned competition are combined, A relatively perfect state has been formed. The advantages of both parties have been greatly complemented, and the advantageous resources of both parties have been effectively used to develop markets in various fields, which has also brought new vitality to the country's banking industry.