Bendigo and Adelaide Bank point out that they are not involved in the term investment fund that is at the centre of the decision of the Federal Court this week to appoint PBB Advisory as receivers of Provident Capital, a Sydney-based finance company. (See
here for yesterday's report).
Will Rayner, head of investor relations at Bendigo and Adelaide Bank, wrote in an email that Provident Capital has a separate facility with Bendigo and Adelaide secured by mortgages and cash.
The bank provided A$91 million in funding to Provident based on the December 2011 financial statements.
Rayner wrote that "the portfolio is performing in-line with the bank's expectations".
"The bank is not exposed to the same loans as Provident Capital's debenture holders," he said.