Westpac paid $1.4B or thereabouts for Bank of Melbourne back in the 1990s I seem to recall, similar strategy of building scale in a region you're not historically strong.
Westpac absorbed BoM, rationalised (ditched) the BoM systems and then went on to eradicate the brand before resurrecting it in Victoria 10 years ago.
Presumably they'll need to ditch the Suncorp brand to avoid confusion? Either way there will be very large scope for rationalising systems and overheads. Ultimately this might be a good move long term so I'll probably add below $20 either through the entitlement or on market.
But the buyback followed by a Capital Raising is crazy stuff.
Westpac paid $1.4B or thereabouts for Bank of Melbourne back in...
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$28.94 |
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| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 1 | 3714 | $28.94 |
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| $28.95 | 8254 | 2 |
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