Bendigo and Adelaide Bank to purchase Tasmanian Perpetual Trustees’ share in Tasmanian Banking Services

Bendigo and Adelaide Bank Limited (Bendigo) and Tasmanian Perpetual Trustees Limited (TPTL) today announced that Bendigo will purchase TPTL’s 50 per cent share of their joint venture company, Tasmanian Banking Services (TBS).

The transaction, which will be completed on 10 August 2009, is a consequence of a strategic review by both companies of their Tasmanian operations, given more focus by the announcement of the merger between TPTL and MyState Financial.

The joint announcement was made by Bendigo Bank managing director Mike Hirst and TPTL managing director Mark Scanlon.

“TBS has achieved the aims we set for it in 2000, namely to bring a local banking service to Tasmanians through the TBS branch network” the two men said.

“The sale and purchase will allow both companies to focus on their core skills and products and continue to grow through local involvement.

TPTL will concentrate on the implementation of its merger with MyState Financial to create a locally owned diversified financial services group and Bendigo will focus on integrating TBS into its branch network to expand its branch network under the Bendigo Bank brand”.

There are currently nine TBS and six Community Bank^® branches, with further Community Bank^® campaigns underway to service more communities.

TBS branches – which already distribute Bendigo Bank accounts and services – will continue to operate as normal, but will gradually be incorporated into Bendigo’s branch network under the Bendigo brand.