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Bendigo and Adelaide Bank

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Title: Bendigo and Adelaide Bank  
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Subject: Banks of Australia, Bank of Cyprus, List of banks (alphabetically)
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Bendigo and Adelaide Bank

Bendigo and Adelaide Bank Limited
Traded as ASX: BEN
Industry Financial services
Founded 1858
Headquarters Bendigo, Australia
Adelaide, Australia
Key people
Mike Hirst (Managing Director)
Robert Johanson (Chairman)
Products Banking, financial and related services
Slogan At the Bendigo it starts with U

Bendigo and Adelaide 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.[1]

Before the merger, Bendigo Bank delivered its products and services through almost 900 outlets Australia-wide, including more than 160 company owned branches, 220 community owned Community Bank branches of Bendigo Bank, 100 agencies and 400 Elders outlets. The bank's branches are primarily in Victoria and Queensland. The merged bank now has over 400 branches, including 25 that came with the merger of Adelaide Bank. The bank's national headquarters remain in the city of Bendigo, with secondary headquarters in Adelaide, South Australia and regional offices in Melbourne Docklands and Ipswich, Queensland.


  • History and development 1
  • Community Bank program 2
  • Subsidiaries 3
    • Joint Ventures 3.1
    • Other acquisitions 3.2
  • References 4
  • External links 5

History and development

Bendigo Bank headquarters dominates the Bendigo skyline

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

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 and, further, acquired Monte Paschi Australia, which it renamed Cassa Commerciale Australia in 1997.

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,[2] and merged with Adelaide Bank. The A$4 billion takeover was completed on 30 November.[1][3] Subsequently, shareholders voted to change the company's name to Bendigo and Adelaide Bank Limited.

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 has 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 will be for an estimated total consideration of A$130 million.[4] It has been renamed Delphi Bank.

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

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."[5]

Community Bank program

Community Branch at Braidwood, New South Wales

Community Bank is an innovative franchise program in which the local community owns and operates a Bendigo Bank branch (which is separately incorporated) and Bendigo Bank provides all the banking infrastructure and support. The community company, after paying its branch running costs, shares any remaining profit with the Bendigo Bank. The program was a response to the massive closure of bank branches in rural areas. Bendigo Bank has since extended the program to areas that have bank service.


  • Rural Bank
  • Rural Finance Corporation of Victoria
  • Bendigo Debtor Finance (formerly Oxford Funding)
  • LeveragedEquities
  • Sandhurst Trustees
  • Delphi Bank (formerly Bank of Cyprus Australia)[6]
  • Bendigo Financial Planning
  • Community Telco

Joint Ventures

  • Community Banking Sector (with Community 21)

Other acquisitions

  • Wheeler Financial Services (merged with Bendigo Financial Planning)
  • Southern Finance[7]


  1. ^ a b Bendigo Bank Merger information page
  2. ^ Bendigo Bank rejects takeover plan
  3. ^ [2]
  4. ^ "Bendigo Bank News". Retrieved 2012-01-06. 
  5. ^ Bendigo Bank executive Marnie Baker, Bendigo Advertiser, June 7, 2014
  6. ^ "Say hello to Delphi Bank".  
  7. ^ "Investors regain access to Southern Financial Group funds on Monday". The Standard. 22 December 2012. Retrieved 22 January 2015. 

External links

  • Bendigo Bank — Official site
  • Rural Bank — Official site
  • Community Bank — Official site
  • National Mortgage Market Corporation — Official site
  • Delphi Bank — Official site
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