The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price closed higher today, ending the day's session up 1.91% at $9.05.
For perspective, Bank of Queensland Limited (ASX: BOQ) shares also finished in the green, up 1.38%, while Australia and New Zealand Banking Group Ltd (ASX: ANZ) climbed 1.47%. Westpac Banking Corp (ASX: WBC) rose 1.35%, National Australia Bank Ltd (ASX: NAB) elevated 0.58% and Commonwealth Bank of Australia (ASX: CBA) edged 0.32% higher.
Let's take a look at what's happening at the bank.
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New finance invoice agreement
Bendigo and Adelaide Bank has signed an agreement with Melbourne-based fintech Timelio. Timelio has acquired a $50 million small business loan book from the bank, the Australian Financial Review reported today.
Existing customers of the bank will be shifted onto Timelio's platform for invoice finance needs from March 1. However, Bendigo and Adelaide Bank will continue to provide all other banking services to the customers, a media release from Temelio stated.
Bendigo and Adelaide bank head of specialist solutions Brian Buckle said:
Timelio's strong technical solution, expert industry knowledge and customer-focused culture make it an ideal partner for Bendigo and Adelaide Bank.
Our agreement is part of a strategic move that aligns with our commitment to simplify our business, reduces complexity and demonstrates our shared commitment with Timelio to ensure that our valued customers are well supported to achieve their financial goals.
Timelio founder and CEO Charlotte Petris added:
The agreement will double the size of our business to $100 million in funding and enables both Timelio and Bendigo and Adelaide Bank to leverage our respective strengths to enhance outcomes for customers.
In early February, Bendigo and Adelaide Bank announced its business bank and rural bank divisions would combine. A new role will be created in its executive team.
The bank will release its half-year financial results on Monday 14 February.
Bendigo Bank share price snapshot
The Bendigo Bank share price has slumped around 8% in the past 12 months, dropping 0.5% year to date. In the past month, the company's shares have fallen 1.3% but they have climbed more than 5% in the past week.
In contrast, the S&P/ASX 200 Index (ASX: XJO) has returned 4.6% in the past year.
Bendigo Bank has a market capitalisation of roughly $5 billion based on the current share price.
