Bendigo and Adelaide Bank Thursday completed the acquisition of Bank of Cyprus Australia Limited. The completion follows Bendigo’s acquisition of all pending regulatory approvals. Bendigo first made the acquisition offer for 100% of Bank of Cyprus’ owned Australian subsidiary, Bank of Cyprus Australia, in December last year.
The purchase was for a total consideration of A$130 million. Bank of Cyprus Australia focuses on Greek and Cypriot communities through a network of 14 branches based in New South Wales, Victoria and South Australia with interest bearing assets of A$1.4 billion. The acquisition provides a strategically complementary addition to the broader Bendigo network. Bendigo and Adelaide Bank recently installed two IBM XIV Gen3 storage systems in order to support its growing customer business applications.
Bendigo and Adelaide Bank announced an after tax statutory profit of $57.9 million for the 6-months ending 31 December 2011. Cash earnings were $162.6 million, an increase of $0.5 million over the prior corresponding period. Cash earnings per share were 43.9 cents, a decrease of 1.8 per cent. Late last year, Bendigo and Adelaide Bank reported a 41% increase in FY11 profit, and revealed it would pay a full-year dividend of 60 cents per share. The company grew its profit to $342.1 million, and said its cash earnings per share increased 10.8% to 92.3 cents.