Allco merger to create A$3 billion bank

Record Investments shareholders have almost unanimously approved a merger with Allco Finance Group that will create a new A$3 billion ($3.56 billion) investment bank.

Record will offer A$756 million in scrip for the entire business of Allco, which is Record's largest shareholder.

Shareholders yesterday approved the merger of the pair, to be known as Allco Finance Group, with a 98.9 per cent vote at a meeting in Sydney.

Allco chairman David Coe said the company was already looking to expand the new investment bank's investments beyond shipping, rail and aviation to renewable energy and infrastructure assets.