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Body Corporate communities the winners from SSKB/Bendigo Bank venture

19 July 2005 |Media centre

More than 500 bodies corporate throughout Queensland and NSW will be able to derive an income from their own banking under a joint venture between Stewart Silver King & Burns (SSKB) and Bendigo Bank.

The money will be available to spend on local and body corporate community projects.

Under the agreement, a new branch of Bendigo Bank has been established at SSKB’s Bundall office on the Gold Coast.

The announcement was made in a statement released today by SSKB Managing Director Tim Sheehan and Bendigo Bank General Manager Business and Alliance Banking Russell Jenkins.

“This is the coming together of two like-minded companies in an arrangement designed to improve the prosperity of SSKB’s bodies corporate,” they said.

“Under the partnering agreement, there will be a special body corporate community dividend which is calculated based on the amount of banking business attributed to each body corporate. The dividend is then available for the body corporate to spend in a way that enhances amenities for its members and their body corporate community.”

Mr Sheehan said Stewart Silver King & Burns is the foremost Strata Management Company in Queensland, managing about 18,000 lots in 500 schemes throughout Queensland and NSW.

“This joint venture with Bendigo Bank is evidence of the SSKB commitment to providing excellence in community management by forming a relationship with a company that has similar ideals to us and places the same importance on community engagement.

“As part of this relationship, and on the approval of each body corporate, the body corporate accounts will be transferred to Bendigo Bank. In conjunction with this, Bendigo Bank has opened a bank branch in the Stewart Silver King & Burns Bundall Road office building.

“Over almost two years, Stewart Silver King & Burns has dedicated time and resources to finding the best possible banking service. This research has determined that Bendigo Bank has a second-to-none reputation as a bank and is the best banking partner for both SSKB and our bodies corporate.

“This partnership is consistent with our company mission to stand out in the body corporate industry and be known as a company that provides unique services and innovative solutions that make a positive difference to our lot owners.”

Mr Jenkins said the bank shared SSKB’s desire to nurture stronger, more sustainable communities.

“Prosperous, happy communities are great places in which to run successful businesses,” he said. “We are therefore happy to invest in services that help strengthen communities because we know that will create our success over time.”

Both Stewart Silver King & Burns and Bendigo Bank are working on systems to allow ease of transition of bank accounts to the new service. Over the next six months, body corporate committees will be approached by their SSKB Community Manager to transfer the body corporate accounts to Bendigo Bank.

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