(19 August 2024 – Australia) QLD headquartered Auswide Bank and Tasmanian based MyState have entered into a binding scheme implementation agreement under which the two ASX-listed banks will merge to form a nationwide regional bank with A$9.6 billion in customer deposits.
The announcement follows Auswide’s 100 percent acquisition of non-bank SME asset finance player Specialists Equipment Leasing Finance Company for A$6.5 million.
“The strategically compelling acquisition facilitates Auswide’s entry into asset financing, proving further portfolio diversification for MergeCo, the new entity, and driving scale by expanding MergeCo’s service offering into the large addressable SME funding market” Ord Minnett stated in a presentation.
“Increased scale and resultant efficiencies are expected to position the organisation for growth. The merger has the potential to unlock substantial benefits to customers through increased capacity to invest in core capabilities and improve the customer experience.”