Bendigo and Adelaide Bank Limited
(ASX:BEN)has sold its 7.8 per cent stake in wealth managerIOOF Holdings Limited
(ASX:IFL).
Bendigo and Adelaide Banksays the sale was conducted at a price of $6.16 per share and will generate proceeds of about $110 million.
The bank’s Managing Director Mike Hurst says the bank will continue to build and develop its relationship with IOOF but it is not required to hold an equity stake in the business.
IOOF currently manages more than $1.3 billion of Bendigo and Adelaide Bank’s funds under advice.
In the first half of the 2012 financial year Bendigo and Adelaide Bank reported a net profit of $58 million.
