BEN 0.85% $11.34 bendigo and adelaide bank limited

Picking up stray dogs

  1. 6,622 Posts.
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    The AFR had two articles in Friday’s edition about the Bank of Queensland. BOQ

    THe first article is about and how BOQ needs to merge (read be taken over ) by either Suncorp, Bendigo or Macquarie.

    The second article was critical of the board and suggest they should all be replaced.
    They were criticised in the royal commission for a number of reasons
    ...............
    Going back a day or two BOQ attempted to take over Bendigo BEN
    The BEN board rejected the overtures and in a ridiculous panic response rushed out and merged with
    Adelaide Bank. AB ...........and paid way too much.

    What a total fiasco that turned out to be with all the Great Southern loans on the AB books.
    This would have been picked up at the time if attention was paid to appropriate due diligence.

    All the much talked *economies of scale” did not eventuate.
    A myth, with many positions being doubled up with staff both in Adelaide and Bendigo.
    And staff resentment.

    And then staff tied up for years trying to sort out the Gt Southern mess.
    And of course multi multi multi millions of $s in legal fees.
    ...........................

    The BOQ banking “model” with owner operated branches does not fit in with the BEN model.
    The owner operated model was strongly criticised by the Royal Commission and needs to be closed down.
    (Possibly another “Great Southern” style costly legal exercise to sort it out and compensate owner managers? )

    I doubt that Suncorp SUN would be interested in buying them as they are already well represented in QLD and would be doubling up.
    In any fallout, SUN would probably pick up BOQ customers anyway.
    And so would BEN who also have branches there.

    Wouldn’t know about Macquarie.

    I just hope BEN does not consider taking in another “stray dog”

    Been there.
    Done that.
    Last edited by bendigo: 14/04/19
 
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