(7 October 2010 – Australia) Westpac Banking Corporation has put off plans to adopt St George’s newer core banking platform.The parent bank had planned to implement its subsidiary’s internet banking platform, however has had to delay plans reportedly because of funding pressures.
Sources told the Australian Financial Review that the increasing complexity of the project meant the costs were higher than expected.
A spokesperson for the bank said it had reassessed its priorities and would delay the technology project for at least two years, however denied that funding pressures were an issue.
The Commonwealth Bank of Australia has launched a four-year A$750 million core system replacement project, while National Australia Bank expects to spend A$1 billion on a similar platform.