WESTPAC has reaffirmed its commitment to farmers and promised to support all its customers through to next season, conveying the message at a series of regional information seminars held by the bank across the Wheatbelt last week.
A team from Westpac, including state general manager Ben Marini, chief credit manager David Watson and head of grain Chris Moore, travelled with NSW farmer and farm consultant Bruce Simpson to Northam, Merredin, Lake Grace, Katanning and Narrogin to meet with farmers and other local business people impacted by the tough season.
Local representatives from Byfields and organisations such as Relationships Australia were also invited to speak at the seminars.
At the Merredin seminar, a good crowd of about 50 farmers and industry representatives gathered to hear what the bank had to say.
Chris Moore kicked opened the proceedings, joking that the timing of that morning's announcement of the bank posting a $6.35 billion profit was not great, but said the aim of the seminars was to engage with farmers and the community to let them know that Westpac would be supporting all its customers for next season.
"Our message is simple - Westpac clients can rest assured that they will absolutely be supported next year," Mr Moore said.
"Loyalty is very important to us and we want to be here when you need us.
"Westpac has been a part of the farming community in WA for 193 years, we will support you through these tough times because we want you and your family to continue to be our clients in generations to come."
Mr Moore said for traditional clients it would be business as usual and they need not be worried.
As for clients whose equity may be a bit low, he said the bank would be looking at the viability of their farm.
"In the rare instance where viability is not there, we will work with you to protect your wealth," Mr Moore said.
"We won't be asking anyone to sell their farms."
Mr Moore assured people that fees would not be raised during the drought period, and said Westpac had a drought policy, which when in force froze margins as another protection method.
"We freeze margins because drought is not a management decision, it isn't in our control or yours," he said.
"We will certainly support you so you're still here farming in 20 or 30 years if you want to be."
While the comments may have seemed like a feel-good marketing exercise, it worked.
Following the seminar, current agribusiness clients said they appreciated the bank's assurance and support while non-Westpac clients were left wondering where that level of support was with their own institutions.
"It would be nice if our bank showed us some support like this, it goes a long way," one farmer said.
"It's certainly made us think about who we bank with."
Westpac chief credit manager David Watson spoke after Mr Moore, to give people an idea of how credit approval decisions are made.
Mr Watson said all approval decisions involving WA farms and farmers were made in WA, rather than referred to managers in the east as occurred with some other financial institutions.
He said he had the authority to approve deals worth up to $17m, while his boss could approve deals up to $35m, which generally covered all WA agribusiness deals.
"We consider every deal on its individual merits," Mr Watson said.
"There are guidelines in place, but we often go outside of those guidelines.
"When we look at deals we take comfort from the fact that a client has been with us for many years or even generations.
"We look at who we're dealing with, the long association we've had and how we can help you achieve your goals."
