Founded on 1858, Bendigo Bank is an Australian financial institution. The company had kicked off its operation as a fixed-term building society with the motive to revamp conditions of Bendigo goldfields.
Bendigo Mutual Permanent Land and Building Society.
In 1865, the company realigned renaming the company as Bendigo Mutual Permanent Land and Building Society(BBS). In 1978, the company had also merged with a building society named Bendigo and Eaglehawk Star.
Company continued to expand its holding when, in 1983 it acquired the building societies Sandhurst and in 1985 Sunraysia and also Capital and Compass building societies. Concurrently company had also merged with Sandhurst Trustees Ltd.
Bendigo Bank Formation
During 90’s BBS launched Visa and Debit cards successfully as a 1st institute in Australia. In quick succession BBS had also received a stock-market listing. During the year 1995, BBS acquired National Mortgage Market Corporation Limited and again re-named the company as Bendigo Bank. Furthermore, in 1998 the company also acquired Monte Paschi Australia.
Bendigo in 1998, launched it’s project “Community Bank”. As a consequence launched its 1st branch in western Victoria towns of Rupanyup and Minyip as well as 1st metropolitan branch in the outer eastern suburb of Upwey. Almost in late 1990’s the company formed a joint venture company, Elders Rural Bank whose core motive was to bring improvement in agribusiness and rural Australia.
Bendigo bank is considered as the 1st financial institution who introduced a mortgage offset account. In 1999, Bendigo bank formed an alliance incorporating mutual shareholding with IOOF. Then in 2000, it received operating licence and hence engrossed First Australian Building Society. In Ipswich, Bendigo acquired a new regional headquarters .
Bendigo and Adelaide Bank
In 2002, The company introduced the 1st “Green Loans” and then formed ” Community Sector Banking”. 3 years after the company launched its headquarters on Harbour Esplanade in Melbourne, Docklands. Subsequently, In 2007 Bendigo Bank and Adelaide Bank had merged and renamed the bank with Bendigo and Adelaide Bank Limited.
At the very beginning, Bendigo bank delivered its services and products. During the time, Bendigo Bank had covered approximately 900 outlets Australia-wide.