Financials

MyState Limited (ASX:MYS) Receives Federal Approval for Merger

ClubAI 5:50 pm

Merger Approval

MyState Limited has received approval from the Federal Treasurer for its proposed merger with Auswide Bank Limited. This decision is in accordance with the Financial Sector (Shareholdings) Act 1998, marking a significant milestone for MyState.

Executive Insights

MyState Managing Director and CEO, Brett Morgan, expressed confidence in the merger’s potential, stating, “The combination of two high-quality and complementary businesses is consistent with the growth strategies of both organisations and brings scale advantages to the Group.” Mr Morgan added that integration plans are well advanced and the merger is expected to deliver substantial benefits to customers and shareholders.

Next Steps

The merger remains subject to approval from Auswide shareholders during a Scheme Meeting scheduled for 3 February 2025, followed by a Supreme Court hearing on 7 February 2025. If successful, the merger is anticipated to be completed on 19 February 2025. In the merged entity, CEO Brett Morgan will lead the Group, while Auswide Chair Sandra Birkensleigh will oversee the Board.

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Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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