19 March 2009. The Banksia Financial Group and Statewide Secured Investments announce agreement to amalgamate.
3/27/2009
INVESTOR NOTICE
The Boards of Directors of The Banksia Financial Group and Statewide Secured Investments have reached agreement to amalgamate the two Kyabram based businesses. Discussions between the companies have been taking place over the past several months. The amalgamation will be effective from Monday 30 March 2009.
The amalgamated entity will manage around $840 million and trade under The Banksia Financial Group banner, a business well known in financial circles throughout Eastern Australia with offices in Melbourne and Adelaide and a major branch and agency network in regional Victoria.
The various office and agency locations of the amalgamated group will remain as they have been and customers will continue to be serviced by personnel that they have traditionally dealt with.
Managing Director of The Banksia Financial Group Mr Pat Godfrey said he was delighted with the outcome. “There always has been a logic about amalgamating the two groups. They have been close competitors throughout Northern Victoria for many years. Statewide’s office and branch network which covers Kyabram, Tatura, Shepparton, Echuca, Rochester and Bendigo will complement and add significant scale to operations in that region” he said.
Mr Godfrey also said that there were significant rationalisation benefits to be gained out of the amalgamation over time. “In the current challenging economic climate there is significant opportunity for larger groups and Banksia is now firmly in that category”.