Bendigo and Adelaide Bank is getting out of the superannuation market, announcing yesterday that it will sell Bendigo Superannuation Pty Ltd to Betashares. The bank said it has entered into an agreement to sell BSPL, a wholly owned subsidiary with more than 19,000 members and A$1.4 billion of funds under administration. The price was not disclosed. Bendigo and Adelaide chief customer officer consumer banking, Richard Fennell, said in a statement: “Following a review that considered the interests and needs of our members and the future investment required in the business, the bank has decided to proceed with the sale of BSPL in line with the bank’s strategic imperative of reducing complexity.” The sale is expected to be completed next year. Betashares, which is a leader in the local exchange traded fund market with $30 billion of funds under management, will use the acquisition to make its entry into the superannuation market. Betashares chief executive Alex Vynokur said in a statement: “The acquisition is a transformational step that will complement Betashares’ existing ETF business as part of an expansion into the broader financial services sector.”