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.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter.