Bendigo and Adelaide Bank (ASX:BEN)
will combine its business and rural businesses into a single division to streamline focus on gathering deposits and lending into the ultra-competitive SME market.
Bendigo said unifying the divisions will ensure all of our customers continue to have access to specialist knowledge and quality products offering compelling value, while also allowing the bank to streamline operations and deliver greater efficiencies.
“Both the Rural Bank and Business Banking businesses have been positive growth and transformation stories for us. Bringing the businesses together will help us fast track our transformation agenda and achieve our goal of becoming a bigger, better and stronger bank for our customers and the communities we serve," said managing director Marnie Baker.
A new role of chief customer officer Business and Agribusiness has been created to lead the division.
Shares in Bendigo and Adelaide Bank (ASX:BEN)
are trading 0.8 per cent higher at $8.65.