(16 February 2010 – Australia) Rural Bank has formed a strategic banking and distribution partnership with Ray White Rural.As part of the arrangement, Ray White Rural customers will have access under an integrated distribution structure to Rural Bank’s products and services.
Paul Hutchinson, chief executive officer, Rural Bank, said that the new partnership will expand Rural Bank’s distribution platform and provide Ray White Rural with the specialist banking services of a specialist rural bank.
Rural Bank’s operating model, which also includes distribution networks through Elders Rural Services and Bendigo and Adelaide Bank branches, has been highly successful to date and the bank values the knowledge and proximity it gives them to rural and regional communities, added Mr Hutchinson.
The bank’s CEO also highlighted that the bank was formed in 2000 to fill a void in rural and regional areas when major banks were leaving. Importantly, every cent deposited with Rural Bank is reinvested back into these communities; it’s something that the bank is proud of and sets it apart from the rest.
When the bank rebranded in August 2009, Rural Bank decided it would be exploring network expansion opportunities. The partnership with Ray White Rural has some great synergies and helps to further expand its national footprint to deliver even more services to more Australians, Mr Hutchinson said.