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Wide Bay completes Mackay Permanent acquisition

by Staff Reporter7 minute read
The Adviser

Wide Bay gained control of Mackay Permanent on January 10 after achieving 90% acceptance of shareholders; full integration was completed on May 31.

According the groups Managing Director, Ron Hancock, Wide Bay’s network in Queensland is now “arguably one of the best provisional Queensland branch networks” stretching from the Gold Coast to Cairns.

The acquisition will further boost Wide Bay’s funding capabilities as Mackay Permanent relied solely on retail deposits, shielding it from wholesale funding cost pressures.

The assets of Wide Bay are now approaching $2.2 billion with the group on target to achieve their earlier forecast of $18.2 million net profit after tax, a 12 per cent increase for 2007-08.

Published 27-06-08 

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