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Adelaide Bank’s ordinary shareholders have approved the union with Bendigo Bank.
An overwhelming 97 per cent tabled their support to merge at yesterday’s scheme meeting.
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The implementation of the merger is now subject to final approval from the Federal Court of Australia, and is expected to be implemented on 30 November 2007.
“The merger will bring together two very successful banks in their own right with different but complementary business models; Adelaide Bank and its wholesale banking operations and Bendigo Bank’s pre-eminent customer focused retail banking operations,” said Adelaide Bank group managing director Jamie McPhee.
Bendigo Bank group managing director Rob Hunt has welcomed the support received from Adelaide Bank’s shareholders.
“The merged group’s immediate focus following completion of the merger would be the successful integration of both businesses,” said Hunt.
“This will ensure value creation for all stakeholders, including customers and community, partners, shareholders and staff,” he said.
