ASB Bank Rural Announce $2billion Customer

Thursday, 13 June 2002, 1:31 pm
Press Release: ASB Bank

13 JUNE 2002

Taking out a loan with ASB BANK pushed the Bank’s rural lending portfolio above $2 billion and won a trip to New Caledonia for Waikato Dairy farmers David and Raewyn Bennett today.

Hugh Burrett, Managing Director of ASB BANK made the announcement and congratulated the couple this morning at Mystery Creek Agricultural Fieldays to help mark the significant milestone for the Bank.

“ASB BANK is a market heavyweight and the fastest growing rural lender in New Zealand and it’s our loyal customers who have helped us achieve this. That’s why we’re recognising the Bennetts in this unique way, ” says ASB BANK Rural General Manager Ian Farrelly.

“The Bennetts have been with us for two years and in that time have significantly expanded their Dairying operation in Matamata. Their loan which pushed our rural lending out past the $2 billion mark will help them further their expansion.

ASB BANK’s average annual growth rate is twice the market rate, with 30% growth over the last 12 months in the rural sector.

“The Bennetts are typical of ASB BANK customers because they are progressive farmers who demand high calibre rural financial expertise from their banker,” he says.

ASB BANK Rural Banking lending portfolio broke through the $2 billion mark five years ahead of plan this week. For a bank which first launched their rural division just nine years ago, this is a significant milestone.

“Our message to the market is that we’re growing, progressive, and strong. We’re here to stay for the long term,” says Mr Farrelly.

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The Bennetts run a family operation and have three sons, one of which works full-time on the farm. They run a high input (use a lot of supplement feed) dairy farm.

“The Bennetts are poised for further success and we look forward to growing with them and our other valued rural customers over the years to come to achieve this,” says Mr Farrelly.

Their Rural Manager from ASB BANK, Ian Johnston also lives in Matamata.

Ends.

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