BEN 0.24% $12.34 bendigo and adelaide bank limited

News: BEN spends $1.8B to buy Rural Finance

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    Bendigo and Adelaide Bank Limited (ASX:BEN) is poised to buy the business and assets of Victoria’s Rural Finance Corporation for $1.78 billion. 


     


    The Brisbane-based regional lender has entered into trading halt ahead of a $230 million capital raising. 


     


    Bendigo and Adelaide Bank expects the purchase will have a value of about $1.695 billion when the deal is tied up in mid-July. 


     


    Managing Director Mike Hirst says Rural Finance will work together with the bank’s existing specialist agricultural business. 


     


    Bendigo and Adelaide Bank reported a net profit of $181 million in the first half of the 2014 financial year. 

 
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