28/10/2003 - 21:00

Tourism industry bank plans

28/10/2003 - 21:00

Bookmark

Save articles for future reference.

TOURISM Council Western Australia has entered into negotiations with Bendigo Bank to establish a ‘tourism bank’ to service the industry.

Tourism industry bank plans

TOURISM Council Western Australia has entered into negotiations with Bendigo Bank to establish a ‘tourism bank’ to service the industry.

Council president Manny Papadoulis said the aim was to introduce products and services designed specifically for the Western Australian tourism industry.

“It’s essentially about getting a bank that has a better understanding of tourism,” he said.

“Rather than being negative towards tourism, they are being very positive and want to sit down and talk.”

Mr Papadoulis said the tourism industry in WA was worth more than $2 billion annually, consisted of 4,000 small businesses and employed more than 70,000 people.

As such, it offered potentially huge opportunities for an astute and imaginative financial institution able to take a long-term view.

Mr Papadoulis said the crisis conditions of the past four years had highlighted the fact that big banks did not understand or appreciate the value of tourism.

His family business, Feature Tours, has been adversely affected by the crisis conditions, being placed in administration earlier this month.

Mr Papadoulis said that, since discussions with Bendigo had commenced, one of the major banks had approached the Tourism Council about a similar scheme.

He said discussions would continue to negotiate the best possible arrangement for council members and the industry in general.

While the details of the new bank have not been developed, some of Bendigo Bank’s innovations could provide clues.

It is well known for its successful Community Bank, 100 of which have been established in joint ventures between communities and Bendigo, and Elders Rural Bank, a joint venture with rural merchandising firm Elders.

Less well known is GuildBanking, an alliance with the Pharmacy Guild of Australia to provide specialised banking services to pharmacies on the east coast.

Another notable initiative is Bendigo’s ‘community sector banking’, a branchless operation designed to enhance the capacity of Australia’s not-for-profit sector through the delivery of financial services. Launched in July 2002, it is a joint venture between Bendigo and Community 21, a company owned by 19 community organisations including the Australian Council of Social Services and the Brotherhood of St Laurence.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options