Bendigo said it has withdrawn its prospectus for the issue of convertible preference shares after receiving advice from joint managers Deutsche Bank, Goldman Sachs JBWere and ABN AMRO of "a significant deterioration in market conditions for hybrid issues" since the bank issued the prospectus a week ago.
"We have received positive responses to the offer from some shareholders, however we are concerned that the current market conditions mean the deal is no longer in the best interests of investors," Bendigo Bank said in a statement.
The bank will continue to review market conditions and may relaunch the convertible preference share offer, or undertake other suitable capital initiatives, in the future.
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