Resounding ‘yes’ vote for Adelaide Bank and Bendigo Bank merger

At a vote held in Adelaide this morning, Adelaide Bank shareholders overwhelmingly supported the proposal to merge with Bendigo Bank.

Nearly 98 per cent of the Adelaide Bank Ordinary Shareholders who voted at today’s scheme meeting supported the merger with Bendigo Bank. This represented almost 99 per cent of the Ordinary Shares that were voted and is considerably above the minimum required to approve the scheme of arrangement. The Adelaide Bank preference shareholders also voted strongly to support the merger.

The implementation of the merger is now subject to final approval from the Federal Court of Australia. Subject to that approval, it is currently expected that the merger will be implemented on 30 November, 2007. Commencement of trading in new Bendigo Bank shares on ASX on a deferred settlement basis will begin on 21 November, 2007.

“This is great news for our shareholders, and the shareholders of Bendigo Bank,” Adelaide Bank Group Managing Director Jamie McPhee said.

“This merger will bring together two very successful banks in their own right with different but complementary business models; Adelaide Bank and its wholesale banking operations and Bendigo Bank’s pre-eminent customer focused retail banking operations,” Mr McPhee said.

“We are delighted that Adelaide Bank shareholders share our enthusiasm for the merger and look forward to their ongoing involvement as part of the merged group,” he said.

In welcoming today’s result, Bendigo Bank Group Managing Director Rob Hunt said the merged group’s immediate focus following completion of the merger would be the successful integration of both businesses.

“This will ensure value creation for all stakeholders including customers and community, partners, shareholders and staff,” Mr Hunt said.

Full details of the poll results for the three Scheme Meetings are below.

Further information for Adelaide Bank shareholders is available on the following number: 1800 211 826 (free call) or +612 8986 9354 (overseas callers).

Further information for Bendigo Bank shareholders is available on the following number: 1300 361 911.