Bendigo Bank (BEN) leads the Banking Sector lower
Bendigo Bank (BEN) is trading down almost 8%, at their lowest level since April, after the bank said that a review found deficiencies with its approach to money laundering & terror financing risk. This will require significant attention, increase costs and weigh on confidence in the regional bank which is already trading down ~20% year-to-date compared to ANZ which is up over 22%.
- We see no reason to catch this particular falling knife, preferring ANZ and Westpac amongst the ASX banks.
A 6-year Deloitte review at one of the bank’s branches found a number of troublesome issues forcing the bank to engage with AUSTRAC, APRA, and ASIC – never cheap!
Elsewhere the sector was soft with CBA down -1.4% and NAB -1% weaker.
MM is neutral towards Bendigo Bank (BEN)
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