Bendigo urged to reject BoQ

Bendigo Bank has been urged to reject the Bank of Queensland $2.5 billion bid by leading Victorian businessman Rory Costelloe, managing director of Villawood Properties Group and Bendigo Bank's largest property development customer. Costelloe predicts a successful bid will be damaging for the 94,600 residents of Bendigo and the broader Victorian economy. Costelloe foresees large scale job losses in Bendigo and throughout the 165 branches in Victoria. Costello cites the lack of any one major shareholder as an opportunity for individuals to band together to ensure the bank stays in Bendigo.