Jamie McPhee, group managing director of Adelaide Bank, said: This is good news, and means that we can continue our plans to put the merger to a vote of Adelaide Bank shareholders sometime in November. This announcement comes less than a week after both companies successfully completed due diligence enquiries, and is another positive step in the right direction for our businesses.

Bendigo Bank group managing director Rob Hunt added: We are confident that this merger will provide a strong, diversified and vibrant banking alternative, and we look forward to Adelaide Bank presenting the proposal to its shareholders.