By Vittorio Hernandez: Subscribe to Vittorio's RSS feed
December 15, 2011 11:07 PM EST
Bendigo & Adelaide Bank (ASX: BEN) agreed to purchase for A$130 million the Bank of Cyprus (ASX: BOCY), which caters mainly to Greek and Cypriot communities based in Australia.
To fund the buy-in, Bendigo will sell A$12- million shares of the bank at A$8.45 per stock, the bank said in a statement issued on Friday. Bendigo had halted trading of its stock until Dec 19 pending the formal announcement of the result of the sale.
The buy-in is expected to be finalised by February 2012.
The Bank of Cyprus in Australia has 14 branches in Victoria, New South Wales and South Australia with total assets of $1.4 billion
"BOCAL is an attractive business with a strong capital and liquidity position," Bendigo & Adelaide Group Managing Director Mike Hurt said in a statement.
Follow us
"It is predominantly funded by retail deposits, maintains a conservative risk profile with 99 per cent of the loan book secured against property, and has an excellent credit history," he added.
Curt Schilling Fires Entire Staff in ‘Non-Voluntary’ Layoffs at Video Game Company 38 Studios
Memorial Day Sales 2012: 25 Best Deals, Discounts And Bargains Online And In Stores For MDW Holiday Weekend
Facebook, ‘Titanic' Of IPOs, Could Poison Tech Company Pipeline
Facebook Camera Review: Like Instagram, But More Relevant
HP’s WebOS Enyo Team Leaving Company To Join Google: ReportWe value your privacy. Your email address will not be shared.
