Bendigo and Adelaide Bank say there are likely to be some redundancies as a result of the bank entering a strategic partnership with Bridges Financial Services.
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The agreement means Bridges will take over the Bendigo and Adelaide Bank's advice business assets and will also provide ongoing financial planning and advice to the bank's customers.
A Bendigo Bank spokesman said there would be some workers affected by the move but could not confirm the number of jobs lost.
"We will be working very hard to find a place within the Bendigo and Adelaide Bank for those who aren't given a position within Bridges," he said. "However there are likely to be some redundancies."
Bendigo and Adelaide Bank executive for consumer banking Richard Fennell said the bank was focused on delivering the best customer service for consumers.
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"In considering our advice business as part of our broader banking services, we recognise we will not be in a position to create the specialised focus required to effectively meet our customers' needs into the future," Mr Fennell said.
"We believe a dedicated focus from a specialist provider with the scale and reach of Bridges will help to ensure our customers' expectations can be met and that advisers can be supported in meeting future development needs."
Bendigo and Adelaide Bank will also sell its specialist Geelong West SMSF business to LBW Business & Wealth Advisors.
The agreement with Bridges should come into effect from August 1, 2019, while the agreement with LBW Business & Wealth Advisors is expected to start from July 1, 2019.
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Tara Cosoleto
Journalist covering courts and general news at the Bendigo Advertiser.
Journalist covering courts and general news at the Bendigo Advertiser.
