Bendigo Bank welcomes fairer, more competitive banking

Bendigo Bank welcomes today’s announcement by the Australian Prudential Regulation Authority (APRA) confirming plans to formally introduce a three-tiered approach to proportionality in its prudential framework for banking from 1 July.

Bendigo Bank has participated in the industry-wide consultation and comprehensive review, led by the Council of Financial Regulators in consultation with the Australian Competition and Consumer Commission (ACCC), the outcomes of which will support a more competitive landscape for small and medium-sized banks.

Bendigo Bank Chief Executive Officer, Richard Fennell is pleased to see this levelling of the playing field with these important changes.

“Ultimately, a fair and competitive banking environment delivers better outcomes for all Australians,” Mr Fennell said.

“Bendigo Bank is a genuine and compelling alternative to larger 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,” he said.