BoQ, Bendigo merger ‘too complex’, say Citi analysts

A $10 billion merger of equals between Australia’s largest regional lenders, Bendigo and Adelaide Bank and Bank of Queensland, would be “too complex and value destructive” say Citi analysts

But now Brendan Sproules, Thomas Strong and Akshat Agrawal say “much has changed over the five years which would make a merger much more challenging than simply extracting the benefits of scale”.

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