Deakin and Bendigo Bank launch Australian-first collaboration
An Australian-first collaboration between a tertiary and financial institution is set to create the Deakin University Community Bank® initiative, a unique banking service that will return profits to the university community for programs, capital projects and more.
Deakin University Vice-Chancellor Professor Jane den Hollander and Bendigo Bank Managing Director Mike Hirst jointly announced the new initiative today, which will operate under the Bank’s successful Community Bank® model.
“This innovative collaboration was borne from Deakin’s mission to constantly improve the experience we provide the communities we serve, and to build external partnerships that add value to all involved, socially and financially,” Professor den Hollander said.
“In a world where banking is an essential service each of us must pay for, Bendigo Bank’s Community Bank® model is unique because it takes its revenue and returns it to local communities.
“The real benefit lies in the long-term return to the Deakin community, through the creation of a sustainable income stream that will grow as the business grows and will be invested back into meaningful projects.
“By choosing to bank with the Deakin University Community Bank® initiative, our staff, students, alumni and stakeholders will be contributing to the profits that could, for example, one day fund new scholarships to help young people follow their dreams, grants for researchers to become world leaders in their fields, and sustainable capital projects that make our university the best place to work and study.”
Traditionally, Community Bank® companies invest locally into services and people, through projects like scholarship funds, skate parks, community buses, sports stadiums and health centres.
Since the model was established in 1998 more than $148 million in banking profits have been reinvested in this way.
Mr Hirst said the expansion of the Community Ban