Bendigo and Adelaide Bank are in discussions, if not yet negotiations, with Bank of Queensland over a merger, Banking Day has learned.
At this point the talk is that Bank of Queensland is not too interested, prioritising a crushing program of work to re-engineer the dodgy core banking systems of ME Bank, which BOQ acquired in 2021.
Bendigo was the under-bidder in the Suncorp Group process to identify a buyer for Suncorp Bank, and this icon of the Queensland banking scenery is being sold to ANZ. Unfortunately.
In 2007 the tables were turned, with Bank of Queensland the proponent and Bendigo the deeply reluctant quarry.
This dates back to the Rob Hunt days. Hunt steeled his board and his board said no.
And in no time at all Bendigo Bank were buying Adelaide Bank, a catastrophe resplendent still with possibility and opportunity.
Three quarters of Bendigo mortgage volume is from brokers.
Adelaide Bank remains an important cog in the wheels of Bendigo Bank.
Bendigo will not mismanage its margins again and all the guff about growth at profitable prices will resolve into meaning.
George Frazis and the funsters at Bank of Queensland don't want Bendigo Bank and Bendigo sure don’t want them. It would corner Marnie Baker into relaunching Virgin Money for the 10th time, and even with all her gravitas she will not pull that one off.
Bendigo have to move up and will move up.
Poor them, via Westpac probably.