Bendigo Bank begins public consultation and awareness seminars prior to banking operations on Nauru
The Bendigo and Adelaide Bank Ltd has begun to engage members of
the public to discuss and raise awareness about the Bendigo bank
branch and the Community Bank model commencing today (Monday, 4
Nov) with a session for community leaders.
The consultation seminars will cover the benefits of banking in
a small community, as well as the benefits of establishing a
Community Bank structure that offers Nauruan citizens the
opportunity to buy shares in the bank and, thus, have an ownership
stake in the bank.
It is estimated that around $900,000 of working capital will be
needed for the start-up of the bank. Arrangements are underway to
incorporate a holding company to allow an invitation to be issued
to the citizens of Nauru to become shareholders in the company
established to manage the proposed Community Bank in Nauru.
Bendigo Bank senior managers David Macauley and Colin Russell
are leading the public consultation seminars in preparation for the
establishment of banking services expected to commence in January
It is envisioned that a further round of financial literacy
seminars will be conducted at the end of November which shall also
provide an opportunity for beneficiaries of the Trust (Ronwan) to
open accounts with the Bank. This will enable them to be provided
with the tools to manage their finances, and facilitate access to
their monies upon the opening of the bank.
In a recent public announcement the Minister for Finance Hon
David Adeang said in "meetings at Ministerial level in Australia
that the Australian Government agreed to extend the Financial
Claims Scheme that guarantees the deposits in Australian banks to
the branch of Bendigo and Adelaide Bank here in Nauru. The people
of Nauru will enjoy the same deposit protection as the people in
"Under the proposal the people of Nauru will have access to the
same banking products and services that Bendigo and Adelaide Bank
offer customers in Australia. This includes savings accounts,
transaction accounts, term deposits, investment services, debit
cards and internet banking. And they will have them at the same
prices as customers in Australia," Minister Adeang said.
A public seminar which is open to any interested members of the
public is scheduled for Wednesday 6 November at the Civic
Centre Conference hall, from 10.00am to 12.00pm.