Why it matters: Bendigo & Adelaide is the ACCC’s preferred acquirer for Suncorp’s banking arm.
The watchdog earlier this month blocked ANZ’s $4.9bn takeover of Suncorp’s bank.
ANZ is appealing the decision, and Bendigo will wait until that finishes to start talks with Suncorp.
Bendigo reported a record $576.9m profit, but this disappointed investors.
It lifted its final dividend 20pc to 32¢ per share.
Bendigo & Adelaide Bank boss Marnie Baker says the regional lender will only circle back with a renewed competitive bid for Suncorp’s bank if the appeals tribunal rejects ANZ’s $4.9 billion all-cash takeover offer.
The competition watchdog has already blocked the deal because it would likely reduce mortgage competition, especially in Suncorp’s home state of Queensland. ANZ has promised to appeal the ruling in a last-ditch effort to get the biggest banking acquisition since the global financial crisis across the line.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
