Why the Bendigo and Adelaide Bank (ASX:BEN) share price is jumping higher today

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is pushing higher in early trade despite no new announcements from the Aussie bank. This comes after rival Xinja announced its retreat from the neobank market.

Why the Bendigo and Adelaide Bank share price is on the rise

The big news today impacting the Bendigo and Adelaide Bank share price actually doesn’t come from Bendigo itself. However, one of its key neobank rivals has announced it will turn in its authorised deposit-taking institution (ADI) license and return capital to its members.

Xinja has today announced it will hand back its banking license after market pressures made the business unviable. The Aussie neobank burst onto the scene with high savings rates but…