Bendigo CEO gets started
(6 July 2009 – Australia) Bendigo’s new chief executive has begun in his new role, following in the footsteps of the 21 year chief executive veteran, Rob Hunt.
The bank’s chairman, Robert Johanson said that new chief executive Mike Hirst has already played a key role in developing and implementing the bank’s strategy since joining the company in July 2001.
Rob Hunt completed his 21 year stint as chief executive of what is now Bendigo and Adelaide Bank.
Much changed has happened since then. When he started at the bank in 1973, Bendigo was neither merged nor a bank; it was a standalone Victorian building society.
From this regional bank position, Hirst’s strategy will be to continue the focus on retail banking and managing the banks way through the financial crisis with a solid deposit base.
Hirst said that there are enormous prospects for the bank, with the retail bank growing consistently for many years now and is developing strong customer and community connections across Australia that bodes well for further expansion.
Having dealt with the biggest issue facing all banks in the current crisis - the availability of reliable funding - the bank is better able to support its partner advised businesses, Hirst said.
Bendigo’s deposits now make up 86 percent of its funding source, up considerably from the 70 percent level that it was at 18 months ago. The availability of funding for a bank not rated AA has caused Bendigo to take such extensive measures.
The bank does, however, believe that its position now places it in good stead to be seen as a real alternative to the big four in retail banking in Australia.
Rob Hunt completed his 21 year stint as chief executive of what is now Bendigo and Adelaide Bank.
Much changed has happened since then. When he started at the bank in 1973, Bendigo was neither merged nor a bank; it was a standalone Victorian building society.
From this regional bank position, Hirst’s strategy will be to continue the focus on retail banking and managing the banks way through the financial crisis with a solid deposit base.
Hirst said that there are enormous prospects for the bank, with the retail bank growing consistently for many years now and is developing strong customer and community connections across Australia that bodes well for further expansion.
Having dealt with the biggest issue facing all banks in the current crisis - the availability of reliable funding - the bank is better able to support its partner advised businesses, Hirst said.
Bendigo’s deposits now make up 86 percent of its funding source, up considerably from the 70 percent level that it was at 18 months ago. The availability of funding for a bank not rated AA has caused Bendigo to take such extensive measures.
The bank does, however, believe that its position now places it in good stead to be seen as a real alternative to the big four in retail banking in Australia.
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