Australia’s fifth largest retail bank, Bendigo & Adelaide Bank (ASX: BEN) today announced the appointment of Ms Jacqueline Hey as next Chair. Ms Hey will reportedly take responsibilities from Mr Robert Johanson at the Annual General Meeting on 29 October 2019.
According to the announcement, Mr Robert Johanson, who is current Chair since last 13 years, would retire from the Board after serving 31 years as a director at the Bank.
Also, Ms Hey offers a remarkable depth of experience in business and technology systems. She joined the Board of Bendigo in 2011, prior to that she was the CEO of Ericsson in the UK and Australia. Presently, Cricket Australia, Qantas and AGL also host her as a non-executive director in the Boards.
Robert Johanson, Chair of BEN, expressed his gratitude on Board’s decision to appoint Ms Hey as the next chair, and he acknowledged the experience of Ms Hey coupled with deep knowledge of the business and effective engagement with key stakeholders.
Ms Jacqueline Hey, stated that she is honoured by Board’s decision to appoint her as a chair and is excited to drive BEN’s competitive market position and prosperity for communities, customers and stakeholders. She also mentioned about the future prospect of working with the bank and driving the bank to become Australia’s bank of choice.
Recently, IOOF Holdings Ltd announced the strategic partnership with Bendigo & Adelaide Bank with respect to acquiring Bendigo FP’s client book and associated services rights. This partnership has been executed through the IOOF Holdings’ subsidiary, Bridges Financial Services Group Pty Ltd (Bridges), who would take the ownership of Bendigo FP’s client book and would provide ongoing financial planning services to clients of Bendigo.
The consideration for the transaction was in cash A$3 million along with a further payment payable on the first anniversary of completion. However, further payment would be subject to maintain an agreed ongoing service client retention rate, as reported.
Let’s take a look at the bank’s interim review:
In March, BEN released ‘2019 Interim review’ on the recent progress of the bank, which includes launch of Bendigo Express, updates on the branch banking and community outreach. BEN has launched Bendigo Express, a digital home loan platform, by partnering with Australian fintech Tic: Toc to offer instant home loan services, which would help bank cut its cost and add value to the customer. Also, BEN is actively contributing to the community with organisations like The OTIS Foundation, CommUNIty Bank® at Swinburne, North Queensland Flood Appeal and National disaster assistance.
As per the Interim Review, BEN’s Norwood branch got revamped, which offers services to the community group and local business, including a community space which now allows around 60 people to conduct meetings. Also, business connections backed by video conferencing was also introduced to offer valuable insight from experts for running, growing and marketing businesses or ideas.
Awards Received by Bank (Source: Company’s 2019 Interim Review, March 2019)
BEN stock has edged up by 0.539% to trade at $11.200 on 31 May 2019 (2:49 PM AEST). The market capitalisation of the stock stands at A$5.48 billion, with 491.9 million shares outstanding. Its year-to-date return is +5.24% along with an attractive momentum of +14.76% in the past three months.
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