Bendigo and Adelaide Bank to acquire ANZ's investment lending portfolio

Bendigo and Adelaide Bank Ltd. agreed to purchase the investment lending portfolio of Australia and New Zealand Banking Group Ltd. to expand its margin lending business in Australia.

The portfolio, valued at A$715 million, comes with approximately 11,900 customer facilities, according to a July 7 release. Bendigo and Adelaide Bank will pay an immaterial premium over book value for the portfolio of Australia and New Zealand Banking Group, or ANZ.

Funding for the acquisition will come from normal business operations, Bendigo and Adelaide Bank said. The transaction is expected to be completed in the first half of 2023.