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.