Bendigo & Adelaide Bank Ltd. · ASX:BEN

Bendigo & Adelaide Bank — Merger or Acquisition (December 2011)

16 slides from Bendigo & Adelaide Bank's merger presentation, Dec 16, 2011

  1. Slide 1: Acquisition of Bank of Cyprus Australia and equity raising

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only Bendigo and Adelaide Bank Acquisition of Bank of Cyprus Australia and equity raising NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 16 December 2011 0 0

  2. Slide 2: Disclaimer

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Disclaimer: This document is a presentation of general background information about Bendigo and Adelaide Bank Group’s (‘the Group’) activities current at the date of the presentation. It is information in a summary form and does not purport to be

  3. Slide 3: Agenda

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only  Overview  Bank of Cyprus Australia  Equity raising  Outlook Agenda 2 2

  4. Slide 4: Acquisition overview

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition overview  BEN has agreed to acquire the Bank of Cyprus Australia Limited (“BOCAL”) – subject to regulatory approvals – signed term sheet expressed to be binding – further terms and conditions to be negotiated For personal use only – c

  5. Slide 5: Acquisition rationale

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition rationale Value outcome  EPS and ROE accretive following integration For personal use only Synergy opportunities  Some cost synergies available  Funding synergies to be realised in the near term  Substantial revenue opportunity thr

  6. Slide 6: Bank of Cyprus Australia key points and branch network

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key points Branch network  14 branch network in NSW, VIC and SA For personal use only  Particular focus on Hellenic communities in Australia  c.30 business bankers  Diversified loan book 2 – A$1.4 billion 4  Primarily funded by retail deposit

  7. Slide 7: Equity raising summary

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Equity raising summary Structure  Placement to selected institutional and sophisticated investors plus a Share For personal use only Purchase Plan (SPP) Placement size  A$120m fully underwritten Placement price  A$8.45 per new BEN share  6.1%

  8. Slide 8: Key dates—Institutional Placement and Share Purchase Plan

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Key dates—Institutional Placement Trading halt  Friday, 16 December 2011 For personal use only Book opens  Friday, 16 December 2011 Book closes  Friday, 16 December 2011 Trading halt lifted  Monday, 19 December 2011 Settlement  Thursday, 22 D

  9. Slide 9: Acquisition funding and balance sheet strengthening

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition funding and balance sheet strengthening  Acquisition consideration funded by capital raising  Capital raising also supports the strengthening of BEN’s balance sheet For personal use only – pro-forma Tier 1 of 8.24% following placemen

  10. Slide 10: Update: credit ratings upgrade and guidance

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Update For personal use only  Credit ratings upgrade – S&P upgraded BEN to A- on 6 December 2011 – All three major credit rating agencies have at least a long-term A- rating equivalent for BEN – Rating presents expanded funding opportunities  Gu

  11. Slide 11: Appendix A

    For personal use only Appendix A Bank of Cyprus Australia overview

  12. Slide 12: Bank of Cyprus Australia historical financials

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only Statutory NPAT (A$m) Loan growth (A$m) – CAGR 21% over period Tier 1 Capital (%) Deposit growth (A$m) 1 – CAGR 26% over period Source: Historical financials from BOCAL ASIC filings Notes: 1 Deposits exclude parent funding Ban

  13. Slide 13: Bank of Cyprus Australia historical financials

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Year ending 31 Dec: A$m FY07A FY08A FY09A FY10A Profit and loss For personal use only Interest income 50.6 75.6 68.0 96.7 Interest expense (37.3) (57.2) (46.7) (70.2) Net interest income 13.3 18.4 21.3 26.5 Non-interest income 1.1 2.0 2.4 3.4 Net

  14. Slide 14: Appendix B: Key terms and conditions

    For personal use only Appendix B Key terms and conditions

  15. Slide 15: Transaction terms and conditions summary

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Transaction terms and conditions summary Purchase price  Approx A$130m. There will be an adjustment on a $ for $ basis for any change in net assets between 31 December 2011 and Completion Date. Bank of Cyprus  At completion: For personal use onl

  16. Slide 16: Contact

    NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES For personal use only Will Rayner Terry Fountas Head of Capital and Investor Relations Senior Manager Investor Relations Bendigo and Adelaide Bank Limited Bendigo and Adelaide Bank Limited Level 3 Level 3 169 Pirie Street 169 Pirie Street Adelaide

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