Sydney, 14 July, 2004: The Australian Bankers’ Association (ABA) has welcomed Elders Rural Bank to its membership.
Elders Rural Bank is a joint venture between Bendigo Bank Limited and Futuris Corporation Limited, the parent company of Elders Limited.
Its membership of the ABA is in line with its strategy to continue to support farmers through the provision of rural finance and its commitment to banking in rural Australia.
Elders Rural Bank (ERB) Managing Director, Bob Jones, said the bank will value the opportunity to take an active role in developing the ABA’s policies on issues such as water reform, drought and industry re-structuring – for example, sugar, dairy and poultry.
“It is important the banking industry has a strong industry body which works in the interests of its members and the whole community,” Mr Jones said.
“ERB has a deep knowledge of the financial issues facing farmers and we believe we can represent farmers’ interests by making a solid contribution to the ABA’s policy development.”
“A number of these issues will have a major impact on the future of Australia’s agribusiness sector and it is important that the farming community is well represented in such a major forum as the ABA.”
Chairman of the ABA, John McFarlane, said: “Rural and regional Australian issues are felt deeply by all Australians. The ABA is looking forward to the contribution of Elders Rural Bank and its perspective on the many issues in regulatory affairs that affect Australian financial services.”
David Bell, Chief Executive of the ABA, said: “The addition of Elders Rural Bank will further broaden the scope of the ABA membership and I am looking forward to their participation.”
The ABA’s membership now stands at 24 banks ranging from traditional retail, trading bank-style organisations to regional banks, foreign and wholesale banks.
Background notes for editors
Elders Rural Bank is a joint venture between Bendigo Bank Limited and Futuris Corporation Limited. Futuris is the parent company of Elders Ltd, which has its head office in Adelaide and a history in agribusiness in Australia dating back to 1839.
Elders Rural Bank focuses on offering a specialist banking service for the rural sector of Australia through its branches, on-farm service, and Internet and phone banking services.
The Bank has remained fully funded through retail deposits, ending the calendar year with a balance of almost $1.7 billion, which represents an increase of over 29% on the corresponding period last year.
Products and services are now offered through a network of more than 500 Elders, Bendigo Bank and Bendigo Community Bank® branches throughout Australia, and the customer base has risen from 15,500 in June 2000 to over 31,000 as of March 2004.
A wide range of deposit and loan products include: Interest Earning Call Accounts, Term Deposits, Money for Living, Everyday Account, Farm Management Deposits, Cash Management Accounts, Seasonal Finance Packages, Harvest Loan and a range of Term Loans.
Every cent deposited in Elders Rural Bank is re-invested in rural and regional Australia. Further information may be found at