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WEALTH MANAGEMENT | Cesar Tordesillas, Australia

Sale of wealth management asset boosts Bendigo earnings by $40M

Bendigo and Adelaide Bank boosted its earnings by $40 million through the sale of its 7.8 percent stake inlisted wealth management firm IOOF.

The stake was sold for US$110 million.

Bendigo managing director Mike Hirst said the sale followed a strategic review of its investments, but the working relationship between the two companies would remain strong.

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