(Updates with detail, CEO comment)
July 7 (Reuters) - Australia's Bendigo and Adelaide Bank (BEN) (BEN) said on Thursday it will buy larger peer Australia and New Zealand Banking Group's (ANZ) investment lending portfolio to expand its margin lending business.
The portfolio, which has a value of about A$715 million ($485 million), will give BEN access to about 11,900 customer facilities as of May 31, and take the combined value of its margin lending portfolio to more than A$2 billion at completion, the bank said. (https://bit.ly/3nPPjRP)
"We believe there is a strong future for margin lending in Australia, and this acquisition will create further opportunities for growth," BEN's Chief Executive Officer Marnie Baker said.
ANZ in a separate statement said the divestment was in line with its "simplification agenda" and flagged no financial impact from the sale.
Both the banks did not disclose the deal amount.
($1 = 1.4743 Australian dollars) (([email protected]; Twitter: https://twitter.com/sameer_manekar;))
News: BEN UPDATE 1-Australia's Bendigo and Adelaide to buy ANZ's investment lending portfolio
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