Bendigo and Adelaide Bank

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Bendigo and Adelaide Bank Limited
Company type
Public
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HeadquartersBendigo, Victoria, Australia
Key people
Richard Fennell (CEO and MD)
Vicki Carter [Independent Chair]
ServicesBanking, financial and related services
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Total equityIncrease A$6.71 billion (2022)[1]
Number of employees
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SubsidiariesUp Money
Websitebendigobank.com.au

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Bendigo and Adelaide Bank (trading as Bendigo Bank), is an Australian financial institution, operating primarily in retail banking. The company was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007.[2]

Prior to the merger, Bendigo Bank operated nearly 900 outlets across Australia, including over 160 company-owned branches, 220 community-owned Community Bank branches, 100 agencies, and 400 Elders outlets. The bank's branches were mainly located in Victoria and Queensland. Post-merger, the combined bank operates more than 400 branches.

The bank's national headquarters are in Bendigo, Victoria with a major office in Adelaide, South Australia and corporate offices in Melbourne, Victoria, as well as Sydney, New South Wales and Ipswich, Queensland.

History and development

The company started in 1858 as a fixed-term (terminating) building society to improve conditions in the Bendigo goldfields during the Victorian gold rush.

Bendigo Bank Community branch in Braidwood, New South Wales, Australia

At seven years old, in 1865, the company restructured, taking the name Bendigo Mutual Permanent Land and Building Society, which incorporated in Victoria 11 years afterwards. It continued to expand its holdings when, in 1978, it merged with Bendigo and Eaglehawk Star, a building society established in 1901.

Further growth involved the acquisition of the building societies Sandhurst, in 1983, and Sunraysia, in 1985, a merger with Sandhurst Trustees Ltd and the acquisition of Capital and Compass building societies.

In 1982 BBS became the first financial institution in Australia to introduce successfully both Visa credit and debit cards.

1993 saw BBS receive a stockmarket listing. Its growth continued throughout the 90s when it acquired National Mortgage Market Corporation Limited in 1995, a mortgage-manager company focussed on loan introducers and brokers. In that year BBS converted to a bank with the name Bendigo Bank. In 1997, Bendigo Bank acquired Monte Paschi Australia from Banca Monte dei Paschi di Siena,[3] an Italian banking group, for AU$42.255M.[4] Monte Paschi Australia was renamed Cassa Commerciale Australia in the same year.[5]

Bendigo Bank's "Community Bank" program began in 1998—the first branches opened in the western Victoria towns of Minyip and Rupanyup on 26 June and the first metropolitan branch in the outer eastern suburb of Upwey on 19 October.

The late 1990s saw a further development when Bendigo Bank and Elders Australia formed Elders Rural Bank, a joint venture company focused on agribusiness and rural Australia. Bendigo Bank was also the first financial institution to introduce a mortgage offset account, now a standard banking product in Australia.

In 1999 the bank formed an alliance involving mutual shareholding with IOOF.

The bank received its operating licence in 2000 and absorbed the First Australian Building Society in Queensland, acquiring a new regional headquarters in Ipswich. That same year saw a A$75 million head office expansion in Bendigo.

In 2002 Bendigo Bank introduced the first "Green Loans" in Australia and formed "Community Sector Banking", a banking joint venture with the not-for-profit sector.

Three years later, Bendigo Bank built a regional headquarters on Harbour Esplanade in Melbourne, Docklands.

In 2007 Bendigo Bank rejected Bank of Queensland's merger/takeover proposal,[6] and merged with Adelaide Bank. The A$4 billion takeover was completed on 30 November.[2] Subsequently, shareholders voted to change the company's name to Bendigo and Adelaide Bank Limited, with the change taking effect from 31 March 2008.[7]

On 11 December 2008, Bendigo Bank's new headquarters in Bendigo was completed. The 26th Prime Minister of Australia, Kevin Rudd, was present at the opening.

On 16 December 2011, Bendigo Bank announced that it had reached agreement with the Bank of Cyprus Group to acquire its 100 per cent owned Australian subsidiary, Bank of Cyprus Australia Limited (BOCAL). The purchase was for an estimated total consideration of A$130 million.[8] It was renamed Delphi Bank. In 2022 BBL commenced a program to absorb the Delphi Bank branding, converting all customer products to Bendigo products and closing or re-branding Delphi branches Bendigo Bank branches.[9]

In April 2013, Bendigo Bank's subsidiary 'Oxford Funding' was rebranded as Bendigo Debtor Finance, offering independent credit assessments and cash-flow solutions to businesses on a national level.[10]

In June 2014, the bank became the first in Australia to adopt an investment policy which shunned fossil fuel investments. "Specifically, the bank does not lend to companies for whom the core activity is the exploration, mining, manufacture or export of thermal coal or coal seam gas."[11]

On 1 March 2015, a group of credit unions diverged from Cuscal[12] and aligned with Bendigo and Adelaide Bank to form Alliance Bank.[13] The credit unions were AWA Credit Union/Mutual (Geelong, 1969),[14] Circle Credit Co-operative Limited (Deer Park, 1969),[15] Service One Credit Union (ACT, circa 1950),[16] BDCU (Berrima, 1963),[17] and in 2018 NOVA (Newcastle, 1964).[18] Alliance Bank maintains some autonomy, but conducts regulated banking activities through Bendigo and Adelaide Bank. They still market themselves under their original name suffixed with "Alliance Bank" and declare themselves agents of Bendigo and Adelaide Bank. In January 2024 at an AWA Mutual Ltd shareholder meeting to vote on the proposed merger with Beyond Bank Australia Ltd took place on 29 January 2024. The voting process ended with 98% of votes being cast “FOR” the merger. Final regulatory and court approvals are set to conclude on 15 February 2024, leading the way for AWA to end the association with BBL and merge with Beyond Bank Australia.[19]

In December 2025, it was announced Bendigo Bank had agreed to acquire, subject to regulatory approval, the retail lending and deposit business of the Queensland, Australia-headquartered, RACQ Bank.[20] The same month the Adelaide Bank brand was retired in favour of the Bendigo Bank brand.[21]

Community Bank program

Community banking is based on a 'profit-with-purpose' model, which means that profits are returned directly to the community that has generated them, after paying branch running costs. The program was a response to the massive closure of bank branches, predominantly in rural areas. Bendigo Bank has since extended the program to major metropolitan areas with existing bank services.[22]

Since 1998, Community Banks have reinvested more than $416 million back into local communities. Funds generated help support emergency and rescue services, such as rural fire brigades and the State Emergency Service (SES), as well as other community needs like buses, defibrillators, aged care facilities, sports parks, hospital wings, and classrooms.[23]

Subsidiaries of Bendigo and Adelaide Bank include[24] Community Bank, Up, Leveraged Equities, Sandhurst Trustees and Community Enterprise Foundation.[25][26]

Bendigo and Adelaide Bank had acquired Wheeler Financial Services which was merged with Bendigo Financial Planning, and also acquired Southern Finance.[27]


See also

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References

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  1. ^ a b c Page Module:Citation/CS1/styles.css has no content."Annual Financial Report 2022" (PDF). Bendigo and Adelaide Bank Limited. September 2022. Retrieved 22 May 2023.
  2. ^ a b Page Module:Citation/CS1/styles.css has no content."Bendigo Bank Merger information page". Archived from the original on 15 December 2007.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Ellis, Eric (3 January 2018). "Bendigo gives a lesson in community banking". Euromoney. Retrieved 4 November 2019.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Bendigo and Adelaide Bank – Operational History – 1997". The Australian Financial Review. Retrieved 4 November 2019.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Mayne, Alan (2008). "Neighbours". Building the Village: A History of Bendigo Bank. Wakefield Press. pp. 50–51. ISBN 978-1-86254-832-9.
  6. ^ Page Module:Citation/CS1/styles.css has no content."Bendigo Bank rejects takeover plan". ABC News. 24 April 2007. Retrieved 17 December 2016.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Bendigo Bank and Adelaide Bank name change – Important notification to Bendigo Bank customers" (PDF). Bendigo Bank and Adelaide Bank Limited. Archived from the original (PDF) on 5 March 2017. Retrieved 17 December 2016.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Bendigo Bank News". Archived from the original on 21 August 2014. Retrieved 6 January 2012.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Bendigo set to retire Delphi as a product brand". 19 October 2021.
  10. ^ Bendigo Debtor Finance
  11. ^ Bendigo Bank executive Marnie Baker, Bendigo Advertiser, 7 June 2014
  12. ^ Page Module:Citation/CS1/styles.css has no content."Credit Union to Alliance Bank". www.alliancebankgroup.com.au.
  13. ^ Page Module:Citation/CS1/styles.css has no content."Alliance Bank's 5th Anniversary". www.alliancebankgroup.com.au.
  14. ^ Page Module:Citation/CS1/styles.css has no content."History of AWA". www.awaalliancebank.com.au.
  15. ^ Page Module:Citation/CS1/styles.css has no content."Circle Credit Co-operative Limited". Financial Services Directory.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Our Story". www.serviceone.com.au.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Berrima District Credit Union". Financial Services Directory.
  18. ^ Page Module:Citation/CS1/styles.css has no content."NOVA, a new Alliance Bank". www.alliancebankgroup.com.au.
  19. ^ Page Module:Citation/CS1/styles.css has no content."Proposed changes for AWA Mutual Limited (AWA)".
  20. ^ Page Module:Citation/CS1/styles.css has no content.Maddela, Vidya Sagar (5 December 2025). "Bendigo Bank to acquire RACQ's retail deposit business". Future Banking. Retrieved 5 December 2025.
  21. ^ Bendigo Bank completes consolidation of core banking systems Bendigo Bank 10 December 2025
  22. ^ Page Module:Citation/CS1/styles.css has no content."Community".
  23. ^ Page Module:Citation/CS1/styles.css has no content."Community Banking". Bendigo Bank.
  24. ^ Page Module:Citation/CS1/styles.css has no content."2021 Annual Review".
  25. ^ Page Module:Citation/CS1/styles.css has no content."Say hello to Delphi Bank". neoskosmos.com. Neo Kosmos. 4 December 2012. Retrieved 22 January 2015.
  26. ^ Page Module:Citation/CS1/styles.css has no content."2021 Annual Review".
  27. ^ Page Module:Citation/CS1/styles.css has no content."Investors regain access to Southern Financial Group funds on Monday". The Standard. 22 December 2012. Retrieved 22 January 2015.

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