“Bendigo Bank’s purpose is to feed into the prosperity of our more than 2.7 million customers and the communities in which they work and live. The Bank is proud of its 160-year heritage which has delivered more branches per customer than any other Australian bank,” said Richard Fennell, Chief Executive Officer and Managing Director of Bendigo Bank.
“The release of the Council of Financial Regulators’ report is an important step to support a more competitive landscape for small and medium-sized banks, and our Bank welcomes the opportunity to continue to contribute to this important work,” Mr Fennell said.
“Bendigo Bank is pleased to see its recommendations relating to proportional regulation and access to covered bond funding endorsed by the CFR, which will enhance competition and deliver improved customer outcomes,” he said.
“Further measures for levelling the playing field that the Bank suggested in its submission included significantly reducing the imbalance between Standardised and IRB banks, which arguably benefits the customers and shareholders of accredited banks rather than the customers of all banks. However, we are pleased to see APRA will review its IRB accreditation process to increase transparency and introduce further flexibility.”
“Bendigo Bank is a genuine and compelling alternative to the major banks. The Australian banking landscape is better off with our presence, and that of other medium and small banks, because all Australians benefit from a banking system that offers more choice and the innovation that often starts with smaller institutions such as ours.”
“Bendigo Bank continues to work through the details of the Review and looks forward to advocating for important changes that encourage a fair and competitive banking environment, that delivers better outcomes for all Australians,” Mr Fennell concluded.
