ADELAIDE BANK MERGER

PROTECTING SA JOBS AND CONDITIONS A PRIORITY Yesterday’s announcement of a merger between Adelaide Bank and Bendigo Bank may have boosted the share price but it has left Adelaide Bank staff and their Union concerned and uncertain about their future.

"We have heard the reassuring comments about job losses not being significant" said ASU Branch Secretary Andy Dennard "but it is significant to those whose jobs are affected. As always with these types of announcements we hear all the positives but the devil is in the detail and we haven't had that yet".

The Union will be meeting with Adelaide Bank management early next week to find out more about what the merger will mean for staff.

"Our top priority will be doing all we can to protect the jobs of ASU members in South Australia and their wages and conditions. This is of particular concern as our initial investigations indicate that Bendigo Bank do not have a Union Agreement and have wages and conditions inferior to those of Adelaide Bank." said Andy Dennard.

"We should also remember that this is not yet a done deal and we would want to make sure that when it comes to the shareholder meeting in November that the protection of Adelaide Bank staff's job and conditions is high on the agenda. After all, it is the loyalty and efforts of staff which has been a major contributor to Adelaide Bank's success. We would also hope that priority will be given to ensuring that Adelaide Bank customers continue to receive a high quality service delivered locally by fellow South Australians."