Powered by MOMENTUM MEDIA
subscribe to our newsletter

New banking model celebrates milestone

Bendigo and Adelaide Bank plans to pass on its third-party lending experience after forming a partnership with four credit unions.

Advertisement
Advertisement

PROMOTED CONTENT


>The Alliance model was co-launched by the bank along with four credit unions – AWA, Berrima District Credit Union, Circle and Service One.

The balance sheet transfer of the Alliance partners took place on Sunday, resulting in more than $540 million in loans and $629 million in deposits.

The Alliance partners also relinquished their ADIs and now operate as agents of the regional lender under its banking licence.

“This new model received overwhelming support from our members as it will enhance our ability to offer greater competitive choice and provide our members with access to a wider range of products and services,” Alliance spokesman Peter Carlin said.

“This not only benefits the people we serve, but also positions us well for growth in the changing financial market.”

Mr Carlin said that by aligning with Bendigo and Adelaide Bank, the Alliance partners can free themselves from prudential capital and funding challenges, as well as minimise their regulatory obligations and costs.

Bendigo and Adelaide Bank managing director Mike Hirst noted that the new banking model is a logical solution for all parties involved.

“We pursued this initiative as it underpins our positioning as a partner of choice, and plays to our strengths,” he said.

“It also enables us to leverage our considerable expertise and investment in the community-bank model, third-party lending and community engagement.”

Members will eventually be able to gain access to new products and technology from Bendigo and Adelaide Bank, with the Alliance partners retaining pricing and loan approval discretions.

New banking model celebrates milestone
mortgagebusiness

Latest News

Citi is to exit its consumer business, including mortgages, loans, retail banking and credit card operations, in Australia and 12 other ...

The major bank’s CEO has reiterated that responsible lending changes could simplify the lender’s processes and improve mortgage approv...

The non-major has reported growth in housing lending as well as a rise in home loan settlements via the broker channel. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Tackling the home deposit challenge

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.