Latest Aba News

Auswide Bank Ltd's shares have been suspended from trading following court approval of its acquisition by MyState Bank Limited, marking a significant consolidation in the Australian retail banking sector.

Auswide Bank’s acquisition by MyState Bank has reached a key milestone with the scheme of arrangement now legally effective, triggering a suspension of Auswide’s shares and setting the stage for shareholder transitions.

The Supreme Court of New South Wales has approved MyState Bank’s acquisition of Auswide Bank via a scheme of arrangement, setting the stage for a significant consolidation in the Australian banking sector.

Auswide Bank Ltd held a pivotal Scheme Meeting to decide on its acquisition by MyState Bank Limited, with directors unanimously recommending approval. Shareholders will exchange Auswide shares for MyState shares, creating a merged entity with shared ownership.

Auswide Bank has secured Treasurer approval for MyState Bank’s acquisition via a scheme of arrangement, setting the stage for a pivotal shareholder vote in early February.