Australia’s richest family on $10 billion in bank savings
FourFourThree Australia’s biggest family of four are set to spend more than $10bn on a $10billion investment in a bank.
News Corp has revealed the family, including their two eldest children, have given up their majority stake in the Australian National Bank, which is valued at $9.3 billion, to take up a $1.1 billion investment in the Sydney-based bank.
The bank will retain a majority stake for 20 years, which will pay dividends of up to $400 million.
However, the family’s majority share of the bank will be divided between the Sydney office and the capital Sydney and the Tasmanian arm will retain $300 million in shares.
Mr and Mrs Shindell’s son, Robert, who is also on the board, is a director.
Robert, who was previously chairman of the NSW branch of the Bank of Sydney, is on the company’s board of directors.
The Australian National is owned by former Australian prime minister Tony Abbott and former deputy prime minister, and Treasurer Scott Morrison, while the Tasmania branch is owned and operated by the Australian Business Federation.
Australian National Bank is currently the second largest bank in Australia after Westpac.
In the past year, the bank has lost about $5.7 billion on average, but analysts say that is likely to increase over the next 12 months as it moves to modernise its operations.