Rabobank invests in Australia Post partnership
Rabobank has moved to strengthen its competitive position in the domestic market, announcing a partnership with Australia Post to expand its rural business banking services.
The partnership will allow Rabobank to provide its customers with access to business banking services through more than 1300 Australia Post outlets across the country.
Yesterday’s announcement comes less than a week after rival National Australia Bank signalled it wanted to be a “very good international agricultural bank”, challenging Rabobank’s dominance.
Rabobank general manager Rural Australia Peter Knoblanche said the partnership significantly increased access to Rabobank’s transactional services in rural Australia.
Mr Knoblanche said the partnership “gives Rabobank’s clients – many of whom live in remote rural locations – the convenience and flexibility of being able to visit selected Australia Post outlets to conduct their business banking transactions through Bank@Post”. Rabobank has 49 branches in Australia.
Through Australia Post’s Bank@Post banking platform customers of Rabobank’s primary All In One account will be able to undertake a range of transactions from cheque or cash deposits to cash withdrawals and account balances.
The service is for customers who do not wish to make deposits by mail or use internet banking.
Rabobank is one of several partnerships Australia Post has formed with financial institutions. Others include NAB, Commonwealth Bank, St George, Citibank, HSBC and Members Equity.
A spokeswoman for Australia Post said it “currently offers personal banking services through Bank@Post on behalf of more than 75 financial institutions”.
Six other financial institutions offer business banking services through Bank@Post.
