Bank tipped to acquire non-bank lender

In a trading update today, MyState's board of directors said the bank has consistently stated its growth ambitions and its desire to drive value for shareholders through acquisition and industry consolidation.

"MyState confirms that it has held discussions with a number of parties relating to possible acquisitions. MyState also confirms that it has held discussions with La Trobe Financial on a possible acquisition," it said. 

"At this stage no decision has been reached and there is no certainty that any transaction will eventuate. MyState will continue to keep the market fully informed in compliance with its continuous disclosure obligations."

More to come.