Auswide Bank Ltd has completed an AU$12.0 million Institutional Placement

Auswide Bank Ltd (ASX: ABA) completed an underwritten institutional placement, raising approximately AU$12.0 million. An additional AU$3.0 million non-underwritten Share Purchase Plan is also available. The proceeds from this placement will be strategically utilized to support Auswide’s immediate regulatory Common Equity Tier 1 capital requirements following the acquisition of Selfco.

Furthermore, the funds will facilitate Selfco’s anticipated asset growth for approximately 12 months and cover transaction costs associated with the acquisition of Selfco and the offer. Issuing approximately 3.0 million new shares at the offer price under the placement does not require shareholder approval. It will be equally ranked with the company’s existing fully paid ordinary shares from the issue date.

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