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Bulletin: Bendigo And Adelaide Bank Ltd.?s Ratings Unaffected Following Bank Of Cyprus Purchase Announcement Dec 11
Standard & Poors, Dec 2011
Abstract
MELBOURNE (Standard & Poor's) Dec. 16, 2011--Standard & Poor's Ratings Services today said that its ratings on Bendigo and Adelaide Bank Ltd. (BEN) are unaffected following today's announcement that BEN had reached agreement with the Bank of Cyprus Group to acquire that group's 100% owned Australian subsidiary, Bank of Cyprus Australia Ltd. (N.R.) for an estimated total consideration of A$130 million. The acquisition is subject to conditions, including applicable regulatory approvals. The purchase is expected to be completed by the end of February 2012. The purchase will be funded by an A$120 million fully underwritten institutional share placement, which will take place today, and a non-underwritten share purchase plan for retail investors that will proceed in early 2012--both also announced...
Companies mentioned in this report are: Bendigo and Adelaide Bank Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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