Another Bank takeover pending

[aceman]

Be ready for an announcement that the Bendigo/Adelaide Bank is probably to be consumed by either the Bank of Queensland or one of the Big 4.
It appears their amalgamation hasn't worked and it may be just a matter of time.

[Dutchy]

Be ready for an announcement that the Bendigo/Adelaide Bank is probably to be consumed by either the Bank of Queensland or one of the Big 4.
It appears their amalgamation hasn't worked and it may be just a matter of time.

Ive been very suprised how little media there has been about the Bendigo Bank taking over the Adelaide Bank, I would have thought there would have been a fair bit of opposition from its customers around the rebadging of it from Adelaide to a country town of Victoria

At the same time I also heard it was either merge or collapse...

[aceman]

Be ready for an announcement that the Bendigo/Adelaide Bank is probably to be consumed by either the Bank of Queensland or one of the Big 4.
It appears their amalgamation hasn't worked and it may be just a matter of time.

Ive been very suprised how little media there has been about the Bendigo Bank taking over the Adelaide Bank, I would have thought there would have been a fair bit of opposition from its customers around the rebadging of it from Adelaide to a country town of Victoria

At the same time I also heard it was either merge or collapse...

A takeover is in the wind.

[Johnny Bowla]

Be ready for an announcement that the Bendigo/Adelaide Bank is probably to be consumed by either the Bank of Queensland or one of the Big 4.
It appears their amalgamation hasn't worked and it may be just a matter of time.

Ive been very suprised how little media there has been about the Bendigo Bank taking over the Adelaide Bank, I would have thought there would have been a fair bit of opposition from its customers around the rebadging of it from Adelaide to a country town of Victoria

At the same time I also heard it was either merge or collapse...

A takeover is in the wind.

I wouldn't be suprised if a Big four bank takes them all over within a few years

[pipers]

Be ready for an announcement that the Bendigo/Adelaide Bank is probably to be consumed by either the Bank of Queensland or one of the Big 4.
It appears their amalgamation hasn't worked and it may be just a matter of time.

BOQ are looking for a buyer. They are in no shape to "take-over" anyone.

[Dogwatcher]

Nothing doing at this point.
BOQ were sniffing around prior to the Bendigo Bank takeover but not at this point.
That sort of rumour would be out and about among senior staff pretty quick and I've spoken to one who has not heard it.
However, he did say he wouldn't be surprised.

[aceman]

Nothing doing at this point.
BOQ were sniffing around prior to the Bendigo Bank takeover but not at this point.
That sort of rumour would be out and about among senior staff pretty quick and I've spoken to one who has not heard it.
However, he did say he wouldn't be surprised.

The staff that I've spoken with tell me that it's a monty. My wife worked there on 2 occasions for 14 years and still has many friends there, they are certain it'll happen, just a matter of how soon and with whom.. I wonder if Jamie McPhee would tell me?

[aceman]

I seem to remember starting this thread a few weeks ago,(June 22nd) I wonder what we may all be thinking now with the news released today. Sure it's only about staff taking unpaid leave, that's the spin that the bank is putting into the public forum, but wait, how will they resurrect themselves unless they are taken over by another bank?

For those who doubted my original post, maybe the "prophet of doom" has some knowledge of how the place isn't working. Ask the people at HO about the feeling within the place, morale is lower than the basement!

[Sojourner]

Bendigo Bank asks staff to take 10 days unpaid leave

By Jeff Turnbull | July 15, 2009

Article from: Australian Associated Press
STAFF at the Bendigo and Adelaide Bank have been asked to take 10 days unpaid leave over the next 12 months as it struggles with the downturn in the economy.

The second-tier bank says the decision to take leave without pay is voluntary but management expects a big take-up from the 4000 staff in its branches around Australia.

It is understood that workers who do take up the offer could be reimbursed for their sacrifice if the bank can achieve its 2009/10 targets.

Bank spokesman Owen Davies described the unpaid leave measure as a new approach to an old problem.

"The scheme is voluntary, but we anticipate a strong take-up,'' Mr Davies said.

"All businesses - not just banks - face these pressures and have responded in different ways to adjust their costs to fit uncertain revenues.''

The Bendigo measure comes as ANZ sheds almost 1000 jobs, the Commonwealth Bank shifts jobs offshore and the National Australia Bank closes branches.

Mr Davies says the unpaid leave initiative "represents the next generation of thinking around managing expenses.''

He said redundancies would mean skills would be lost for good and when the economy recovered the bank would have to recruit and train new staff at great cost.

"We understand that some people, single mothers for example, won't be in a situation where they can volunteer, but we are hoping and expecting a strong take-up,'' Mr Davies said.

He said the 1000-strong staff at the bank's Community Bank subsidiary won't be affected.

The bank's new chief executive Mike Hirst has spoken to staff about the proposal while announcing other change, including a new executive structure.

It is believed most staff have reacted positively to the leave without pay proposal.

Finance Sector Union (FSU) national secretary Leon Carter says the voluntary program would be an "enormous cost saving'' for Bendigo if it is embraced by the staff.

"We would like to meet with Bendigo and talk it through and not just have some edict delivered from on high saying this is what we are going to do,'' Mr Carter said.

"We would like to see a guarantee in writing saying that if staff take up this offer the bank will not lay people off.''

http://www.theaustralian.news.com.au/st ... 77,00.html

[wycbloods]

I would want some form of guarantee if i was going to take unpaid leave from the bank. I wonder if they will pass on more of the profits when they are on the improve, unlikely i say.

[Psyber]

I assume the unpaid leave idea is an attempt to save the business from collapsing, at least long enough to find a buyer.
Nobody can guarantee that it be enough to do so, so nobody can give a guarantee of security/reward to the workers who take part.
Nor can they promise any buyer would honour such a guarantee by the previous ownership.
It is an invitation to try to save their jobs by trying to save the business..