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Historic Adelaide meeting for new board

17 December 2007 |Media centre

Adelaide plays host today to the historic first meeting of the new board formed as a result of the merger between Bendigo Bank and Adelaide Bank.

Directors of the newly merged company will gather around a board table at Adelaide Bank’s Pirie Street headquarters this morning, to review progress of the merger implementation.

The Chairman of the merged group, Robert Johanson, officially welcomed the new appointees to the board, Dr Adele Lloyd, Kevin Abrahamson, Roger Cook, Jamie McPhee, and Kevin G Osborn as deputy chairman.

He also acknowledged the Bendigo Bank departing board members, Don Erskine and Neal Axelby, and Adelaide Bank departing board members Patricia Crook and Steven Crane.

“Today’s meeting is historic in that it is the first formal meeting of the new-look board and is another significant step in the merger of these two historic companies,” Mr Johanson said.

“We remain committed to holding Board and shareholder meetings in both Bendigo and Adelaide as we merge our two businesses, and will use these events as ideal opportunities to get to know each others’ businesses better.”

The board’s next meeting will be the Extraordinary General Meeting to be held in Bendigo on Tuesday, 29 January 2008. The meeting will consider a proposal to change the company name to Bendigo and Adelaide Bank Limited.

“Our merger integration plans are progressing well, and we have already merged our two ATM networks,” Mr Johanson said.

“This means both Bendigo Bank and Adelaide Bank customers can use more than 640 ATM machines across Australia without incurring ‘other bank’ transaction fees. This is one of the first real and tangible benefits that our customers will see from the merger, and we look forward to providing many more.”

The merged Bendigo Bank and Adelaide Bank has more than 4000-staff and 380 bank branches spread across every state and territory in Australia. It has more than $43 billion in loans under management, and a market capitalisation on the ASX of nearly $4 billion.

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