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Rural Finance Corporation sold

Victorian Government agribusiness lender Rural Finance Corporation will be bought by Bendigo and Adelaide Bank for $1.78 billion.

May 5, 2014 11:00am

Victorian Government agribusiness lender Rural Finance Corporation will be bought by Bendigo and Adelaide Bank for $1.78billion.

Treasurer Michael O’Brien said the asset sale was being made as part of a federal incentive to states to sell assets and fund new infrastructure.

The sale, expected to net a return of about $400million, plus a 15 per cent Federal Government incentive payment, will feature in this week’s state budget.

Funds from the sale would go towards building infrastructure in rural and regional Victoria, including the Murray Basin rail project, which will extend the rail line from Mildura to Geelong.

Under the deal, staff jobs will be guaranteed for three years.

Bendigo and Adelaide Bank said the purchase price was about $1.78billion.

It said it would maintain the brand and its 11 locations across Victoria.

Bendigo and Adelaide Bank managing director Mike Hurst said Rural Finance would work with the bank’s existing specialist agricultural business, Rural Bank.

The Victorian Government has also said it will go ahead with a medium-term lease of the Port of Melbourne.

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