(29 April 2008 – Australia) The legacy of Gail Kelly lives on at St George Bank, with the bank continuing to hold first place in Business Banking sentiment in the March edition of East & Partners’ Business Banking Sentiment Index.However, for the first time since the inception of the report in June 2006, this
month sees St George fall in each of the four categories that make up the
sentiment score. The four criteria that make up the sentiment index are Empathy,
Satisfaction, Loyalty and Advocacy.
East & Partners’ financial markets analyst, Peter Drennan, noted “While this
could simply be a one-off result, more of the same would be an ominous sign for
the bank, particularly after the recent CEO move.”
Meanwhile, at Westpac, now run by Kelly, sentiment is on the way up. Following a
long-term downward trend, sentiment has risen since October 2007, providing a
good footing for Kelly at the start of her Westpac leadership.
Mr Drennan added, “The real test will be if Kelly can lead a Big Four like
Westpac into the realms of the sentiment and satisfaction held at St George”.
For now, however, the main competition for St George is Bank of Queensland,
which has this month won the crown from St George, as the bank with the most
loyal customers.
Despite the sentiment fall experienced by St George, the Business Banking
Sentiment Index increased overall in March, to 42.4 (from a possible low of 10
to a high of 100), to achieve the best score since 2006.
About East & Partners’ Business Banking Sentiment Index
The East & Partners’ Business Banking Sentiment Index is a monthly survey of
business customer sentiment towards banks, providing a monitor of customer
satisfaction, loyalty, advocacy and empathy towards business banks. Each month
East & Partners’ research team conducts telephone interviews with a sample of
750 businesses nationally, turning over A$1 to 100 million per annum,
comprising:
| • | Micro Business | 190 | A$1 – 5 million turnover enterprises |
| • | SME | 280 | A$5 – 20 million turnover enterprises |
| • | Lower Commercial | 280 | A$20 – 100 million turnover enterprises |
For more information please contact:
Tanya Glazer
Marketing Communications
East & Partners
t: 02-9004 7848
m: 0404 474 446
e: tanya.g@eastandpartners.com