Rural Bank and Elders in new 9-year agreement

Company News

by Rachael Jones

Rural Bank, a wholly-owned subsidiary of Bendigo and Adelaide Bank (ASX:BEN) and Elders (ASX:ELD) yesterday announced a new nine-year exclusive distribution agreement.

As part of the new arrangement, Rural Bank will acquire from Elders the wholly-owned company that employs approximately 95 Elders financial services staff.

Ensuring continuity of customer service and a regional presence, these staff will remain located in Elders branches, servicing their current and potential banking customers.

Bendigo and Adelaide Bank Chairman, Robert Johanson, says the new agreement ensures Australia’s farmers and agribusinesses would continue to access specialist banking services and products through more than 400 Bendigo Bank, Rural Bank and Elders branches spread across every state and territory of Australia.

Shares in Bendigo and Adelaide Bank (ASX:BEN) closed 0.56 per cent higher to $10.79.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.