No Intervention In Exchange Closure

Newcastle Herald

Wednesday April 9, 2008

By IAN KIRKWOOD

THE community-based Bendigo Bank has said it will not intervene in the National Stock Exchange's decision to close its Newcastle business.

Bendigo Bank spokesman Owen Davies said yesterday the bank had less than 10 per cent of the stock exchange shares and would leave operation of the exchange to management.

The Herald reported yesterday that the Victorian-controlled board of the exchange had decided to close its Newcastle office.

Mr Davies agreed the closure could be seen as running counter to the Bendigo Bank model of regional offices but it was not going to "micromanage" the situation.

"We were happy that the two groups achieved their aims of having substantial listings in regional areas . . . but we are not in a position to influence . . . its strategic decisions," he said.

He confirmed Bendigo Bank chief executive Rob Hunt was in Newcastle last night to speak at a function held by the Hunter and Coast Community Telco, a franchise of the Bendigo Bank's "community telco" group.

Mr Hunt was chairman of Community Telco Australia, a joint venture by Bendigo Bank and AAPT.