Friday, February 12th, 2010 - Rural Bank
Leading rural and regional bank, Rural Bank, has formed a strategic banking and distribution partnership with one of Australia’s fastest growing organisations, Ray White Rural.

Under the arrangement, Ray White Rural clients will have access to Rural Bank’s specialist products and services including lending and deposits via an integrated distribution structure.

Rural Bank Chief Executive Officer, Paul Hutchinson, together with Ray White Rural Chairman, Paul White, made the announcement at the Annual Ray White Rural Muster being held in Brisbane today (12 February).

“This new partnership will expand Rural Bank’s distribution platform and provide Ray White Rural with the high quality specialist banking services of Australia’s only specialist rural bank,” Mr Hutchinson said.

“Rural Bank’s operating model, which also includes distribution networks through Elders Rural Services and Bendigo and Adelaide Bank branches, has been highly successful to date and we value the knowledge and proximity it gives us to rural and regional communities.

“Rural Bank was formed in 2000 to fill a void in rural and regional areas when major banks were leaving. Importantly, every cent deposited with Rural Bank is reinvested back into these communities - it’s something that we are very proud of and sets us apart from the rest.

“When we rebranded in August 2009, we said that we would be exploring network expansion opportunities. Our partnership with Ray White Rural has some great synergies and helps us further expand our national footprint to deliver even more services to more Australians,” Mr Hutchinson said.

Ray White Rural, which recorded more than $1 billion in property sales and more than $142 million in cattle sales last financial year, will initially offer Rural Bank products and services through its 65 offices in Queensland and New South Wales.

Mr White said the partnership was the result of several months of work between the two iconic Australian companies on how to best deliver on the potential created by the deal.

“Together, our two organisations can deliver a fantastic value proposition to our clients centred around knowledge, convenience and simplicity at key points in the primary producers’ business cycle,” Mr White said.

“This is something that will deliver tangible benefits to our clients, as well as our businesses.

“Our experience in the past has proven that future success can only be driven by our people and we remain focused on future growth and expansion over the years ahead.

“We look forward to working with the team from Rural Bank and providing our clients with an even broader range of services under the Ray White Rural banner,” Mr White said.

Organisational arrangements are well advanced with the rollout of Rural Bank’s products and services into the Ray White Rural network expected to occur during the second quarter of 2010.

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Rural Bank


Rural Bank was established in 2000 as Elders Rural Bank and is one of Australia’s leading banks servicing rural and regional Australia with more than 35,000 customers and assets under management in excess of $3.7 billion. Rural Bank’s products and services are available at more than 250 outlets throughout Australia, including selected Elders Rural Services and Bendigo and Adelaide Bank branches. For more information visit http://ruralbank.com.au
Alison Michell
P: 0417 873 855
W: www.communikate.net.au

Ray White Rural


Ray White Rural was established in 1994 by Ray White’s great grandson, Paul White and two partners, Lex Heinemann and Bruce Smith. Now joined by Andrew Adcock and with more than 500 members across Australia, Ray White Rural is the fastest growing rural property group in Australia, selling property, livestock, stud stock and machinery. Ray White Rural is a division of The Ray White group, which has almost 1000 offices Australia-wide and about 8,000 staff. For more information visit www.raywhiterural.com.au
Kate Rayson
P: 0439 959 034
W: www.raywhiterural.com.au

Keywords

finance, rural, regional, banking

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