May 4, 2014 / 11:47 PM / 3 years ago

Australia's Bendigo to buy Victoria state rural finance arm for $1.65bln

1 Min Read

SYDNEY, May 5 (Reuters) - 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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below