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New Chairman takes the helm

26 March 2006 |Media centre

Bendigo Bank today announced the transition of the Bank’s chairmanship from Mr Richard Guy OAM to Mr Robert Johanson. Mr Johanson takes over the role of chair effective from today.

This follows Mr Guy’s announcement at last year’s annual general meeting regarding the Board’s plans to ensure smooth and effective Board renewal.

At the meeting, Mr Guy told shareholders he would step down as chairman, effective from the end of March 2006, and that with the unanimous support of the Board, the Bank’s deputy chairman Mr Robert Johanson would assume the chairmanship from that date.

Mr Guy will retire as a director later in 2006.

Mr Johanson has been a director of the Bank for 18 years and deputy chairman for five years. He has chaired the Bank’s Risk Committee since 1996 and is a member of the Governance and Audit committees. As chairman, Mr Johanson will focus on further developing the strategic positioning of the Bank.

Mr Johanson acknowledged the outstanding contribution by Mr Guy during his 19-year term as chairman.

“Richard has been a director for 24 years and his involvement with the Bank continued a long history of family service to the organisation,” Mr Johanson said.

“Richard has been a courageous and effective leader during the most significant period of development in the Company’s 148-year history.

“His term as chairman has seen the organisation grow from a small, Victorian-centric building society into a nationally represented, diversified financial services enterprise which is in the top 150 listed companies.

“Under the leadership of Richard and our CEO Rob Hunt, managed assets have grown from $176 million to $15.6 billion and after-tax profit has increased from $2.7 million to $90.4 million.

“History will record this as being an extraordinary growth period.”

Mr Guy said he was extremely proud of the success and progress of the Bank during his term as chairman.

“It has been a wonderful honour to have been chairman of such a successful organisation,” Mr Guy said.

“In challenging some of the banking orthodoxies, we have created a customer and community focused Company that has enjoyed success itself by helping to create a climate in which our customers and communities can succeed. In large part this has been achieved because of the unique Bendigo culture of which I hope I have been an able custodian.

“My time on the Board has been extremely rewarding for me, personally, but also for Shareholders who have seen their wealth grow in line with our business.

“I have been fortunate to lead a great team and I wish to thank all Directors, present and past, with whom I have served for their friendship and unqualified support and counsel.”

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