Post moves into loan origination
Australia Post will seek to stretch its financial services' offering beyond deposit and transaction products under an arrangement worked out with Rural Bank. In a first for Post, a small number of post offices will be used as a sales centre for a lending product.Rural Bank and Post jointly announced yesterday that Rural Bank business development managers will work from 130 post offices "with a strong agribusiness presence".The bank plans to employ around 25 business development managers to cover the Post network.At present, Rural Bank BDMs work mainly through the rural supplies centres operated by Elders, one of the original investors in Rural Bank that has since sold all its equity to its partner Bendigo and Adelaide Bank.Post will also offer additional services around account opening at 1400 post offices.Standard transaction services will be available at all other post offices.Over the past year, Post has added some additional services to its long-standing agency services on behalf of scores of banks and credit unions.This includes a pre-paid Visa card, acquisition of the payments' gateway SecurePay and the introduction of automatic teller machines at some locations, with a low fee of $1.