The bidding war for Investec Australia’s $2 billion loan book is expected to close by the end of the month.
Bidders for the loan book and professional finance division are expected to put in final offers on March 25, according to the AFR.
Banking Group, advised by Deutsche Bank, and Bank of Queensland, which is taking its counsel from Gresham Advisory Partners and Goldman Sachs, remain in the auction, it reports.
Sources in the know said Bendigo and Adelaide Bank is also considering an offer, said AFR.
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.
Investec said at the time the move was to “identify alternatives”, including sale, joint venture or continuing current operations.
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.