Bendigo Bank reaches its ton
(Australia) Just five years after it opened its first branch in country Victoria, Bendigo Bank notched up a century last week with the opening of its 100th branch at San Remo, Phillip Island.
Bendigo Bank managing director Rob Hunt said he was confident the bank, which has 250,000 accounts and conducts $3 billion in business, would grow by another 20 to 30 branches during 2003/2004.
Hunt said while the concept of a community bank was prompted by communities losing branch banking access, "the model offers much more".
"By involving locals as the investors and having them engage the broader community, we have been able to develop a commercial model which is proving to have the capacity to not only secure banking services but to generate local profit, regain employment, and instil a can-do attitude in many districts," he said.
The community bank design also enabled the early companies to make valuable contributions to local shareholders and community activities, as well as helping each community marketplace develop new skills and capabilities.
"Bendigo Bank and the communities are building a strong alternative banking solution based on our understanding that successful customers and successful communities create a successful bank – in that order," Hunt said.
Hunt said while the concept of a community bank was prompted by communities losing branch banking access, "the model offers much more".
"By involving locals as the investors and having them engage the broader community, we have been able to develop a commercial model which is proving to have the capacity to not only secure banking services but to generate local profit, regain employment, and instil a can-do attitude in many districts," he said.
The community bank design also enabled the early companies to make valuable contributions to local shareholders and community activities, as well as helping each community marketplace develop new skills and capabilities.
"Bendigo Bank and the communities are building a strong alternative banking solution based on our understanding that successful customers and successful communities create a successful bank – in that order," Hunt said.
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