COMMUNITY Telco Australia is now 100 per cent owned by the Bendigo and Adelaide Bank.
The largest regional telco in Australia, CTA grew to have an economic output of $148 million annually, equating to 382 jobs.
“The bank has held held a 50 per cent shareholding in the telco since 2005 when it sold 50 per cent stake to AAPT then Australia’s third largest telecommunications company,” said Head of Customer Led Connections for Bendigo and Adelaide Bank Andrew Cairns.
“The bank has now finalised the purchase of AAPT’s 50 per cent shareholding and is now the only Australian bank to own a telecommunications company.”
Chief Executive Officer of CTA, David Joss, said it was an exciting development.
“Moving forward, although CTA will take a much more active role in assisting the bank with the development and launch of many of its digital initiatives, it is expected that there will be no significant changes to how we do business and service franchises and customers,” he said.
“The purchase by the bank is an exciting development for CTA and the Community Telco group, in a rapidly changing market and takes us into the exciting space of digital banking.”