New Bendigo chairman not giving up on Queensland dream
Incoming Bendigo and Adelaide Bank chairman David Foster said the lender wants to get bigger in Queensland, after it told the tribunal considering ANZ’s offer for Suncorp Bank that Bendigo has strong incentives to merge with the Queensland target.
David Foster, a former CEO of Suncorp, is now chairman of Bendigo and Adelaide Bank.
ANZ’s takeover of Suncorp Bank – a deal Bendigo has also considered – is working its way through an appeal in the Australian Competition Tribunal, after being blocked by the competition regulator in early August.
Mr Foster – a former Suncorp Bank chief executive who succeeded Jacqueline Hey as chairman at the meeting – pointed to “very strong” growth in Queensland’s economy and population and said, “fortunately, [this] is very consistent with Bendigo’s strategy, with a large proportion of the population based in regional areas, not just the CBD of Brisbane.
“There are certainly plenty of opportunities to continue to grow,” he told its annual meeting in Bendigo.
After intervening in the appeal, Bendigo continues to argue against ANZ Bank’s offer and suggests it would be able to make an attractive alternative bid.
“There is a real chance that, in the future without the proposed acquisition, Bendigo would make an offer to acquire or merge with Suncorp Bank that would be accepted by Suncorp Group,” Bendigo said in a submission published by the tribunal on September 22.
“Bendigo’s interest in Suncorp Bank is not speculative, opportunistic or lacking detail,” it continued.
Mr Foster was CEO of Suncorp Bank between 2008 and 2013, providing him with an extensive understanding of the Queensland market. He told the annual meeting the former Westpac branch in Paradise Point on the Gold Coast, where he
Read more on afr.com
