BNK Banking Corporation Limited (ASX:BBC) Announces Partial Sale of Bendigo Bank Prime Loan Warehouse Assets
Transaction Details
BNK Banking Corporation Limited has announced the partial sale of Bendigo Bank’s prime loan warehouse assets. The transaction involves approximately $220 million worth of prime residential floating rate mortgages, sold to Bendigo Bank.
Financial Impact
The sale is expected to generate a net profit of around $2 million. Additionally, BNK will receive ongoing servicing fees over the life of the assets. The transaction will be reflected in BNK’s H2 2025 financial results.
Executive Comments
CEO Allan Savins commented, “This partial sale is a strategic move that aligns with our broader goal of optimising our asset allocation. BNK will continue to service the assets on Bendigo Bank’s behalf and receive a servicing revenue stream”. He added, “We are also pleased to maintain our strong relationships with key financiers, Bendigo Bank and Realm Investment House, while aligning our balance sheet management with our strategic objectives and market positioning”.
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