(27 April 2007 – Australia) Bank of Queensland has responded to Bendigo Bank’s rejection of its merger proposal, saying it was “compelling for all involved”.BOQ managing director David Liddy said the bank was disappointed by Bendigo’s response and continued to believe the merger was important for the future of banking in Australia.
“It’s about recognising the changing landscape of the Australian financial services sector, and working together to be a more effective force and an alternative for the Australian public,” he said.
Liddy acknowledged that BOQ had been in discussions with Bendigo for some time and that there was no arrogance on its part in making the proposal public.
“Our merger proposal from day one was designed to meet a broad range of stakeholders’ concerns,” he said.
“We also believe that a merger would have provided significant career opportunities for Bendigo Bank employees, and that customers would have greatly benefited from new products, more ATMs and double the number of branches,” Liddy said.