Joint statement from Bendigo Bank and the Government of Nauru
The Government of Nauru and Bendigo & Adelaide Bank (the Bank) wish to advise of the Bank’s intention to end the agency agreement, under which the Bank supplies banking services to Nauru, by December 2024.
The Bank reviews all parts of its business regularly and as a result of this, the Bank has identified the opportunity to reduce complexity and simplify its business by focusing on its Australian operations and exiting its only international presence. In response, the Bank has provided more than 12 months’ notice of its intention to exit Nauru, enabling an orderly transition to another provider of banking services.
The Government of Nauru and Bendigo Bank want the people of Nauru to know their money is safe and held in Australia. Bendigo Bank is regulated by the Australian Prudential Regulation Authority (APRA) and meets APRA’s definition of unquestionably strong.
The Australian Government and the Asian Development Bank (through the Private Sector Development initiative) will support the Government of Nauru as it explores alternative providers of banking services. Bendigo Bank will provide assistance and support to enable an orderly transition to a new provider.
President of Nauru and Minister for Finance, HE Hon. David Adeang MP reassured the people of Nauru their money is secure, and that the Government was focused on ensuring a smooth transition.
“We are working to transition to a new provider. We want you to know that nothing will change during this period and customers can continue to access their money as they usually do,” President Adeang said.
Bendigo Bank Acting CEO and Chief Risk Officer Taso Corolis confirmed the Bank’s support for the transition to a new provider.
“We would like to thank the Australian federal government, the Nauruan government and most of all, the people of Nauru, for their support. Rest assured that all Bendigo Bank customer accounts are safe, and we will keep customers informed over the next 12 months,” Mr Corolis said.