Bendigo & Adelaide Bank announced what Ord Minnett describes as the "surprise" resignation of Marnie Baker post a 35-year career at the bank, highlighted by her investment in technology and a digital transformation.

Richard Fennell will become CEO and MD, formerly having held the CFO and head of Consumer Banking roles with the broker expecting a smooth transition with limited strategic or financial impacts.

Ord Minnett points to the lingering problem for small regional banks like Bendigo & Adelaide Bank to boost return on equity in the face of heavy competition from the four major banks.

The stock has rallied since 16% since May 1 as is rated a Lighten with a $10 target price.

Sector: Banks.

Target price is $10.00.Current Price is $11.24. Difference: ($1.24) - (brackets indicate current price is over target). If BEN meets the Ord Minnett target it will return approximately -12% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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