Book Reviews | Gordon Campbell | News Flashes | Scoop Features | Scoop Video | Strange & Bizarre | Search


A New Aussie Bank For 2000

Australian rural stock and station agent, Elders Ltd, is to become Australia's first new bank of the 21st century after being granted a full banking licence yesterday. John Howard reports.

Hard on the heels of the 1997 Wallis inquiry into increased banking competition, Elders Ltd had been working for the past 18 months to acquire a fully-fledged banking licence which was granted yesterday.

There is still a public backlash across Australia against current banks over rural closures and high bank charges.

To be called Elders Rural Bank its chairman and former Federal treasurer, John Dawkins, said the joint venture between Elders and Bendigo Bank would see its $800 million loan book increase to $1 billion within 12 months as a fully-fledged bank.

"The new bank will focus on rural Australia at a time when other corporations are seen to be withdrawing," financial services minister Joe Hockey said yesterday.

The existing 300 Elders branches will become part of Elders Rural Bank and offer ATM machines, Visa debit and credit cards, EFTPOS nationally and internationally, cheque accounts as well as phone and Internet banking. 400 branches are expected within two years.

"It will also provide an opportunity for anyone in Australia who would like their savings invested in rural Australia or agriculture to make their deposits with the bank," Mr Dawkins said.

Elders' capital city offices are also expected to become part of the rural network.

South Australian Farmers Federation president Dale Perkins said his organisation would support Elders' entry into the rural banking market.

"The major banks have been pulling a lot of branches out of rural regional areas which we've opposed," he said.

"Wool and livestock have been the cornerstone of our business, but while we will service those businesses just as well in the future, the emphasis will also be on finance, insurance and real estate," said Phil Keen an existing Elders' branch manager.

In the joint venture Bendigo Bank will undertake the banking operations while Elders' will be involved in the distribution of the services through its branches.

© Scoop Media

Top Scoops Headlines


Werewolf: Living With Rio’s Olympic Ruins

Mariana Cavalcanti Critics of the Olympic project can point a discernible pattern in the delivery of Olympics-related urban interventions: the belated but rushed inaugurations of faulty and/or unfinished infrastructures... More>>

Live Blog On Now: Open Source//Open Society Conference

The second annual Open Source Open Society Conference is a 2 day event taking place on 22-23 August 2016 at Michael Fowler Centre in Wellington… Scoop is hosting a live blog summarising the key points of this exciting conference. More>>



Gordon Campbell: On The Politicising Of The War On Drugs In Sport

It hasn’t been much fun at all to see how “war on drugs in sport” has become a proxy version of the Cold War, fixated on Russia. This weekend’s banning of the Russian long jumper Darya Klishina took that fixation to fresh extremes. More>>


Binoy Kampmark: Kevin Rudd’s Failed UN Secretary General Bid

Few sights are sadder in international diplomacy than seeing an aging figure desperate for honours. In a desperate effort to net them, he scurries around, cultivating, prodding, wishing to be noted. Finally, such an honour is netted, in all likelihood just to shut that overly keen individual up. More>>

Open Source / Open Society: The Scoop Foundation - An Open Model For NZ Media

Access to accurate, relevant and timely information is a crucial aspect of an open and transparent society. However, in our digital society information is in a state of flux with every aspect of its creation, delivery and consumption undergoing profound redefinition... More>>

Keeping Out The Vote: Gordon Campbell On The US Elections

I’ll focus here on just two ways that dis-enfranchisement is currently occurring in the US: (a) by the rigging of the boundary lines for voter districts and (b) by demanding elaborate photo IDs before people are allowed to cast their vote. More>>

Ramzy Baroud: Being Black Palestinian - Solidarity As A Welcome Pathology

It should come as no surprise that the loudest international solidarity that accompanied the continued spate of the killing of Black Americans comes from Palestine; that books have already been written and published by Palestinians about the plight of their Black brethren. In fact, that solidarity is mutual. More>>


Get More From Scoop

Top Scoops
Search Scoop  
Powered by Vodafone
NZ independent news