IFL’s Bridges to buy Bendigo’s FP book for $3m plus

Company News

by Jessica Amir

IOOF Holdings’ (ASX:IFL) Bridges Financial Services Group (Bridges), inked a deal to snap up Bendigo’s (Bendigo and Adelaide Bank (ASX:BEN)) financial planning book for $3 million, plus a further payment on the anniversary of completion (subject client retention).

For IOOF’s Bridges, it increases business scale, by adding about $1 billion of funds under advice.

The transaction is tipped to be completed by 31 July 2019, subject to customary conditions.

IOOF’s Bridges group and Bendigo also entered into a referral agreement that will see Bridges provide financial planning services to clients referred by Bendigo (for a an exclusive period)

Bendigo and Adelaide Bank (ASX:BEN) are trading 0.46 per cent lower at $9.79, while year-on-year, its trading 4 per cent lower.

Shares IOOF (ASX:IFL) are trading 0.8 per cent higher at $6.36 while year-on-year its trading 35 per cent lower.

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