Bendigo and Adelaide Bank is poised to acquire the financial planning business of a regional lender as it moves to expand its presence in the country.

The acquisition of the financial planning business, loan book and several other investments of Southern Financial Group is valued at A$290 million and upon completion effectively widens Bendigo's coverage of the Western Victoria and South East South Australian markets. 

The takeover is expected to be completed before the year ends, pending due diligence and commercial arrangements. Bendigo and Adelaide Bank has 35 branches in the region.