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AWB Buys Rural Portfolio
SYDNEY - Aug 28/06 - SNS -- Landmark will buy Adelaide Bank's A$160 million rural lending portfolio from Adelaide Bank.
The acquisition will take the value of the loan book managed by Landmark to above $2 billion, and continue its strategic growth in the rural finance market. The acquisition is expected to be completed on September 15.
The portfolio is spread across SA, WA, NSW and Victoria, and the acquisition includes eight experienced agribusiness staff from Adelaide Bank who will move into the Landmark business. The new addition to the loan book will be supported by the Rural Trust funding platform.
The Australian wheat marketing board, AWB Limited, which owns Landmark, established Rural Trust after the acquisition last year of the 'Landmark-managed' loan book from Rabobank.
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