Powered by MOMENTUM MEDIA
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
>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

The central bank may put its march into negative rate territory on hold in light of the latest labour market data, but quantitative easing r...

Recent data shows Australian fintechs have grown their revenue by 80 per cent since 2018, and business owners are optimistic about the futur...

The ABA and a publishing company joined hands to launch a campaign to stop elder financial abuse. ...

FROM THE WEB
podcast

LATEST PODCAST: Transparency around rate cuts

Do you think the mortgage market will see more consolidation this year?

Website Notifications

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