David Foster, a former boss of Suncorp Bank, has taken the chairman’s seat at Bendigo and Adelaide Bank, and remains keen to grow in regional Queensland.
Incoming Bendigo and Adelaide Bank chairman David Foster said the lender wants to get bigger in Queensland, after it told the tribunal considering ANZ’s offer for Suncorp Bank that Bendigo “has strong incentives to merge” with the Queensland target.
After intervening in the appeal, Bendigo continues to argue against ANZ Bank’s offer and suggest it would be able to make an attractive alternative offer.“There is a real chance that, in the future without the proposed acquisition, Bendigo would make an offer to acquire or merge with Suncorp Bank that would be accepted by Suncorp Group,” Bendigo said in a submission published by the tribunal on September 22.
Mr Foster was CEO of Suncorp Bank between 2008 and 2013, providing him with an extensive understanding of the Queensland market. He told the annual meeting the former Westpac branch in Paradise Point on the Gold Coast, where he used to work earlier in his career, is now a Bendigo branch. “Given we didn’t engage with Suncorp, we are not in a position to say we are ready to take them over,” Ms Hey said.Last week, the tribunal asked ANZ and Suncorp to hand the ACCC and Bendigo early next month a written outline of their submissions and list of authorities on which they intend to rely at the hearing.
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