Adelaide Bank and Bendigo Bank have received a formal notification from the Australian Competition and Consumer Commission confirming that it does not plan to oppose a merger of the two organizations. The two banks had announced their intention to merge on August 9, 2007.
Jamie McPhee, group managing director of Adelaide Bank, said: This is good news, and means that we can continue our plans to put the merger to a vote of Adelaide Bank shareholders sometime in November. This announcement comes less than a week after both companies successfully completed due diligence enquiries, and is another positive step in the right direction for our businesses.
Bendigo Bank group managing director Rob Hunt added: We are confident that this merger will provide a strong, diversified and vibrant banking alternative, and we look forward to Adelaide Bank presenting the proposal to its shareholders.