Bdigo and Adelaide Bank (trading as Bdigo Bank), is an Australian financial institution, operating primarily in retail banking. The company was formed by the merger of Bdigo Bank and Adelaide Bank in November 2007.
Before the merger, Bdigo 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 Bdigo Bank, 100 agcies and 400 Elders outlets. The bank's branches are primarily in Victoria and Quesland. The merged bank now has over 400 branches, including 25 that came with the merger of Adelaide Bank.
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National headquarters remain in the city of Bdigo, with a major office in Adelaide, South Australia and regional offices in Docklands, Melbourne and Ipswich, Quesland.
Early Accounts Of The Bendigo Diggings
The company started in 1858 as a fixed-term (terminating) building society to improve conditions in the Bdigo goldfields during the Victorian gold rush.
At sev years old, in 1865, the company restructured, taking the name Bdigo Mutual Permant Land and Building Society, which incorporated in Victoria 11 years afterwards. It continued to expand its holdings wh, in 1978, it merged with Bdigo 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..
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1993 saw BBS receive a stockmarket listing. Its growth continued throughout the 90s wh 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 Bdigo Bank. In 1997, Bdigo Bank acquired Monte Paschi Australia from Banca Monte dei Paschi di Sia,
Bdigo Bank's Community Bank program began in 1998—the first branches oped 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 developmt wh Bdigo Bank and Elders Australia formed Elders Rural Bank, a joint vture company focused on agribusiness and rural Australia. Bdigo Bank was also the first financial institution to introduce a mortgage offset account, now a standard banking product in Australia.
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The bank received its operating licce in 2000 and absorbed the First Australian Building Society in Quesland, acquiring a new regional headquarters in Ipswich. That same year saw a A$75 million head office expansion in Bdigo.
In 2002 Bdigo Bank introduced the first Gre Loans in Australia and formed Community Sector Banking, a banking joint vture with the not-for-profit sector.
Subsequtly, shareholders voted to change the company's name to Bdigo and Adelaide Bank Limited, with the change taking effect from 31 March 2008.
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On 11 December 2008, Bdigo Bank's new headquarters in Bdigo was completed. The 26th Prime Minister of Australia, Kevin Rudd, was prest at the oping.
On 16 December 2011, Bdigo Bank announced that it had reached agreemt with the Bank of Cyprus Group to acquire its 100 per ct owned Australian subsidiary, Bank of Cyprus Australia Limited (BOCAL). The purchase was for an estimated total consideration of A$130 million.
In April 2013, Bdigo Bank's subsidiary 'Oxford Funding' was rebranded as Bdigo Debtor Finance, offering indepdt credit assessmts and cash-flow solutions to businesses on a national level.
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In June 2014, the bank became the first in Australia to adopt an investmt policy which shunned fossil fuel investmts. Specifically, the bank does not ld to companies for whom the core activity is the exploration, mining, manufacture or export of thermal coal or coal seam gas.
Alliance Bank maintains some autonomy, but conducts regulated banking activities through Bdigo and Adelaide Bank. They still market themselves under their original name suffixed with Alliance Bank and declare themselves agts of Bdigo and Adelaide Bank.
Community banking is based on a 'profit-with-purpose' model, which means that profits are returned directly to the community that has gerated them, after paying branch running costs. The program was a response to the massive closure of bank branches, predominantly in rural areas. Bdigo Bank has since extded the program to major metropolitan
Accounts In E Banking
Community Bank, Rural Bank, Up, Bdigo Debtor Finance (formerly Oxford Funding), Leveraged Equities, Sandhurst Trustees, Delphi Bank (formerly Bank of Cyprus Australia), and Community terprise Foundation. ,