Australian business prefers QLD Banks
Wednesday September 30, 2009
According to latest figures, it appears as if the Global Financial Crisis may have had minimal long term, or even short term effect, on some Queensland banks as they continue to lend to Queensland businesses.
Figures growth have been around 278 per cent for business loan inquiries and lending as stated by Garth Seymour, Sunshine Coast manager for Bendigo Bank, as reported by the Sunshine Coast Daily.
The main reasons behind this strong business growth have been attributed to strong levels of high numbers of acquisition, development application and asset finance. In fact, according to the Reserve Bank of Australia it is local banks that have proven most resilient with the best chance of a fast recovery.
"The resilience of the Australian financial system through the crisis period has reflected a combination of factors including the comparatively mild nature of the overall economic slowdown in Australia, the absence of large-scale exposures to structured securities, and relatively conservative lending practices, particularly for housing," the central bank stated.
"While loan losses may rise further in the current environment, Australian banks remain better placed than their counterparts in many other advanced economies to weather any further adverse developments in the global financial system."
When it comes to a question of customer satisfaction, over the last twelve months its Queensland banks that have lead the overall satisfaction levels for all types of customers, with both Bank of Queensland and Bendigo Banks taking out the top spots.
Customer satisfaction levels as recorded for the last twelve months the top three respondents of all Australian banks:
- Bank of Queensland declined a minimal 0.7 per cent to 90.7 per cent
- Bendigo Banks levels declined only 3.2 per cent to 89.9 per cent
- St George (the highest of all the major Australia banks) declined 10.8 per cent to 74.2 per cent
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