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The non-major banking group has moved Rural Bank customers to Bendigo as part of wider consolidation efforts.
Rural Bank customers have been transitioned over to Bendigo Bank in a move the lender said would provide a more consistent experience for agribusiness customers.
Bendigo Bank Agribusiness will continue to share insights, research, and analysis so that farmers can stay up to date with developments in agricultural commodity markets, exports, farmland values, and business performance, Bendigo said in a statement.
Customers will also have access to an improved lending and product offering, Bendigo said.
The move is part of Bendigo’s six-year transformation program that will see the group have two primary consumer-facing brands, Bendigo Bank and Up, operating on a single, core banking system by the end of 2025.
Bendigo Bank’s chief customer officer, business bank, and agribusiness, Adam Rowse, said the change means the lender can better meet evolving customer expectations.
“For almost 25 years, Rural Bank has stood side by side with Australian farmers through every season, helping them stay on top of challenges and cultivate opportunities, while investing in the communities in which they live and work,” he said on Monday (17 March).
“Bendigo Bank too, has a long, proud history of contributing to a better future for farmers and strengthening rural communities by feeding into prosperity – and it is with this unique blend of heart and heritage that we’re excited to formally introduce Bendigo Bank Agribusiness.
“We know farmers want an agribusiness specialist who understands their business and with the ability and insights needed to meet the evolving needs of modern agriculture.
“With more than 150 specialist bankers positioned to provide the personal service our customers have come to expect, we look forward to partnering with Australian farmers in [an] exciting new era for our Agribusiness division and to cementing our title as Australia’s most trusted agribusiness bank.”
Bendigo has recently been focusing on consolidating its brands and last year retired its Adelaide Bank brand for the broker channel, making Bendigo Bank the sole brand available to the third-party channel.
The group has also been investing heavily in the Bendigo mortgage offering in the past year, including by rolling out a new lending platform.
Last month, Bendigo and Adelaide Bank released its financial results for the half year ending December 2024 (1H25), saying that the third-party channel had helped it deliver strong loan book growth.
According to the group’s results, the banking group’s residential mortgage flows increased to $10.1 billion over the half, up from $7.8 billion on the prior half and up from $6.5 billion in 1H24. This took the residential loan book to $65.2 billion at the end of December 2024, up 5.3 per cent on 2H24.
The residential lending growth was the largest recorded for three years (or six consecutive halves) at 5.9 per cent.
The proportion of business coming from the broker channel has continued to increase, with the third-party channel (comprising both brokers and white label partners and mortgage partners) accounting for 51 per cent of new mortgage business.
[Related: Bendigo and Adelaide Bank reports strong first-half residential lending growth]
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