MyState confirms acquisition speculation

by Julia Corderoy08 Aug 2016

Tasmanian-based non-major lender, MyState has confirmed it is in talks to acquire Melbourne-based specialist lender, La Trobe Financial.

In a statement released to the ASX, MyState said the board has “consistently stated its growth ambitions and its desire to drive value for shareholders through acquisition and industry consolidation.” 

MyState released the statement confirming the acquisition discussions following media speculation in the Australian Financial Review that it was assessing the purchase of La Trobe.

However, MyState affirmed that it was only in discussions at this point.

“At this stage no decision has been reached and there is no certainty that any transaction will eventuate. MyState will continue to keep the market fully informed in compliance with its continuous disclosure obligations.” 

La Trobe's website notes revenue of $148 million in fiscal 2015, up from $111 million a year earlier. The specialist lender has $2.1 billion in funds under management.