What’s boosting the Bendigo Bank share price today?

A woman uses her phone to pay at the counter, with a queue of more customers behind.A woman uses her phone to pay at the counter, with a queue of more customers behind.

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is climbing in mid-morning trade.

After losing more than 10% in the past month, the bank’s shares are up 1.87% to $9.25 today.

In contrast, the S&P/ASX 200 Financials (ASX: XFJ) index is down 0.18% to 5,717.7 points.

Let’s take a look at the latest news surrounding the company.

Bendigo Bank renews Australia Post deal

Investors are bidding up the Bendigo Bank share price following the company’s positive update.

According to its media release, Bendigo Bank advised it has signed a new five-year deal with Australia Post for its Bank@Post services.

Under the agreement, Bendigo Bank customers will have access to banking services at more than 3,500 post offices in Australia. This allows individuals and small businesses to conveniently make withdrawals, deposits and balance enquiries free of charge.

The decision to renew the partnership means that both parties have worked together for more than 20 years.

Bendigo Bank estimates that over 120,000 of its customers use Bank@Post’s services each year. In total, there are around 2 million Bendigo and Adelaide Bank customers.

Bendigo Bank CEO and managing director Marnie Baker commented on the deal:

As Australia’s better big bank, we are committed to giving our customers choices about how they do their banking with us, whether that is online, mobile or face-to-face. Extending our partnership with Bank@Post for another five years is a demonstration of that commitment.

The partnership will ensure our customers have access to almost 4000 locations across the nation where they can conduct transactions over the counter – through our combined branch networks – getting us closer to our goal of becoming Australia’s bank of choice.

Bendigo Bank share price summary

Since the start of 2022, the Bendigo Bank share price has recorded relatively flat gains for the period, up 1.65%.

The company’s shares reached a 52-week low of $8.43 in December 2021 before almost reaching that feat again this month.

Bendigo Bank commands a market capitalisation of approximately $5.2 billion.

The post What’s boosting the Bendigo Bank share price today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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