Regional’s to consider collaboration
(02 September 2010 – Australia) The chairmen of two of Australia’s regional banks have met in a "fireside chat" to discuss the possibility of a merger that would rival the nation’s big four banks after an industry round table, The Australian newspaper reported.
The chief executive officer of the Bank of Queensland, David Liddy, said, at a round table meeting set up by the deal magazine, that there has to be a fundamental structural change in the banking industry.
None of the regional banks has the scale. Bendigo is one and a half times BOQ’s size, Suncorp is about the same size ....there should be consolidation among the regional banks, Mr Liddy said.
After these statements the chairmen of BOQ and Bendigo and Adelaide Bank were spotted in a private meeting, which The Australian newspaper confirmed as a meeting to explore a A$5.5 billion merger between the regional banks.
At this stage the discussions are informal, therefore not warranting market disclosure.
BoQ and Bendigo and Adelaide Bank last night both said they did not comment on market speculation.
None of the regional banks has the scale. Bendigo is one and a half times BOQ’s size, Suncorp is about the same size ....there should be consolidation among the regional banks, Mr Liddy said.
After these statements the chairmen of BOQ and Bendigo and Adelaide Bank were spotted in a private meeting, which The Australian newspaper confirmed as a meeting to explore a A$5.5 billion merger between the regional banks.
At this stage the discussions are informal, therefore not warranting market disclosure.
BoQ and Bendigo and Adelaide Bank last night both said they did not comment on market speculation.
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