(27 November 2012 – Australia) Bendigo and Adelaide Bank have entered into a non-binding heads of agreement to buy the majority of assets of regional financial company Southern Finance Group for A$290 million.In a statement, Bendigo said the agreement was to acquire the loan book, equipment finance assets, the financial planning business and certain investments of Southern finance.
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.