SYDNEY May 5 Australian regional bank Bendigo
and Adelaide Bank Ltd said on Monday it plans to buy
state-owned Rural Finance Corporation of Victoria for A$1.78
billion ($1.65 billion), a move it said would quadruple the size
of its rural loan book.
Bendigo, based in Victoria, Australia's second most populous
state, said it will undertake a A$230 million share placement to
institutional investors, as well as sell new shares in a
separate public offer to finance the acquisition.
($1 = 1.0795 Australian Dollars)
(Reporting By Byron Kaye; Editing by Kenneth Maxwell)