Banking News

Judo-Bendigo Merger Talk Reignites

(26 February 2024 – Australia) The mooted acquisition of Judo Bank by Bendigo Bank has been raised again as pressure builds on the former to compete more directly with the Big Four majors.

Judo was co-founded by outgoing CEO Joseph Healy in 2016 to service smaller business customers that major banks may overlook. After ANZ gained permission from the Australian Competition Tribunal last week for its A$4.9 billion acquisition of Suncorp Bank, there is likely to be more consolidation in the banking industry The Australian reports. Bendigo Bank and Judo Bank declined to comment.

“Some believe Judo needs a major change of strategy, adding prime residential mortgages to the lending mix to reduce the risk of focusing on small and medium-sized businesses. A benefit for Bendigo is that it would be able to grow Judo’s SME business through Bendigo branches” writes The Australian Data Room Editor, Bridget Carter.

“While BoQ is another potential buyer of Judo, most think Bendigo Bank is better positioned, even though it’s currently doing a technology upgrade. Healy has already introduced much modern technology to Judo.”