At the Annual General Meeting, Bendigo and Adelaide Bank Limited's (BEN.AX) Chief Executive Officer Richard Fennell outlined the company's 2030 strategy, built on five key pillars: simplifying life through digital solutions, operating efficiently, deepening customer relationships, setting a benchmark for trust and societal impact, and reinventing banking for a new generation through its Up platform.
To achieve these goals, the Bank will focus on optimizing its deposit franchise by adopting a deposit-led growth model, enhancing productivity through strategic partnerships and access to market-leading technology, and driving sustainable growth by prioritizing lending in high-return segments. These initiatives will be overseen by the newly established Strategic Execution Office, reporting directly to the CEO.
In the final quarter of fiscal year 2025, Bendigo Bank initiated the first phase of a productivity program affecting over 100 roles across various business functions. The Bank emphasized its commitment to employee consultation and support throughout the process. Future phases are expected to bring further workforce changes as the Bank continues to invest in innovation and meet evolving customer expectations.
Additionally, as part of its year-end review, the Bank recorded a A$539.5 million impairment to the value of its goodwill. This adjustment, prompted by global uncertainty and long-term discount rate outlooks, does not affect the Bank's dividend capacity or regulatory capital position, Bendigo and Adelaide Bank said.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.