Elders Rural Bank Announced
The boards of directors of Futuris Corporation Limited and Bendigo Bank Limited announce that their 50/50 joint venture company Elders Rural Services Limited ("ERSL") has today been granted an authority under the provisions of the Banking Act 1959.
In consequence, ERSL will lodge an application to alter its name to Elders Rural Bank Limited.
In a joint announcement today, Bendigo Bank group managing director Rob Hunt and Elders managing director David Hills said the granting of a Banking Authority follows the establishment of ERSL on 4 January 1999 and its successful growth since that date.
ERSL has exceeded the expectations of its two shareholders and the issuance of a Banking Authority, the first to be issued under the Government's Conglomerates policy, demonstrates the quality of the banking business which it has developed. Customers can look forward to improved service levels from Elders Rural Bank, and its two shareholders are confident of continuing growth in market share.
The strength and prospects for Elders Rural Bank reflect the deep commitment its shareholders, Elders and Bendigo Bank, have to rural Australian and in particular to agricultural producers. Bendigo has demonstrated its commitment to rural people since its inception in 1858, and through its Community Bank project, and Elders has been providing financial services and other support to rural producers for more than 160 years.
Mr Hunt and Mr Hills both expressed their confidence that this new rural bank will deliver customer focus and an enhanced range of products and services tailored to meet primary producers' needs.