Rural Bank chief steps down

Paul Hutchinson has resigned as CEO and managing director of Bendigo and Adelaide Bank’s wholly-owned subsidiary, Rural Bank.

Mr Hutchinson spent almost nine years with the lender where he contributed to the growth and prosperity of Australia’s agricultural sector and regional communities.

Bendigo and Adelaide Bank managing director, Mike Hirst said Mr Hutchinson’s leadership has helped the business become the largest Australia-owned specialist agricultural bank.

“Our rural business employs nearly 300 staff and services around 10.5 per cent of the national agricultural debt market with a loan book of approximately $5.5 billion,” he said.

Mr Hirst noted the board will embark on a rigorous recruitment process to find the best possible candidate to take over the role.

Mr Hutchinson will remain as Rural Banks’ CEO and managing director and continue to lead the business for a number of months to enable a smooth transition to his successor.

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