Perth-based financial services technology company ThinkSmart Ltd will extend its funding relationship with Adelaide Bank for a further five years, and will also develop a new funding agreement with an international financier.
Adelaide Bank recently announced plans to merge with Bendigo Bank, subject to shareholder approval.
The full text of a company announcement is pasted below
ThinkSmart Limited (ASX:TSM) announced today that it has reached agreement to extend its existing funding relationship with Adelaide Bank for a further five years. Adelaide Bank has been funding ThinkSmart contracts since 2003.
ThinkSmart also today announced that it had extended its Australian funding arrangements to include a new funding agreement with a leading international financier.
ThinkSmart CEO Ned Montarello said
"We are very excited to have extended our long term relationship with Adelaide Bank and secured a new international funding partner to our Australian customers.
"In the context of current uncertain credit markets this strong support confirms the value proposition provided by the ThinkSmart business model."
The terms of both contracts are reflective of ThinkSmart's existing agreements.
Internationally, ThinkSmart enjoys long term relationships (with terms extending out to 2010 - 2011) with a current stable of funders including the Halifax Bank of Scotland in the UK, Banco Santander in Spain and Société Générale in France.
