$2bn loan book battle extended

by AB26 Mar 2014
The battle for Investec Bank Australia’s $2 billion loan book has been extended, after bidders asked for more time.

Bidders for the loan book and professional finance division were expected to put in final offers on March 25, but that has been extended at the request of bidders, according to the AFR.

ANZ, Bank of Queensland and Bendigo and Adelaide Bank are the final bidders, AFR said.

Investec, which owns a bank and money manager in South Africa and the UK, placed some of its Australian units on the market in November through adviser Greenhill, in a move to transform its business into one based on investment banking activities.

Included in the deal would be the $2 billion Investec loan book, an asset finance and leasing division, and the professional finance unit, which provides loans for doctors, accountants and dentists and is making about $50 million in pre-tax profit.


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