(18 April 2005 – Australia) BankWest has opened its first business banking centre on Australia’s east coast and launched a high interest business account package targeting small to medium enterprises.The bank, which is wholly owned by British bank HBOS, announced its first business centre had opened in Chatswood in Sydney’s north and would be followed by centres in Parramatta, Springwood and Brisbane.
Head of BankWest’s Corporate and Commercial business on the east coast, Gary Johnson, said the bank understood the importance of the relationship between a business operator and their banking partner.
He said the bank was giving customers a commitment that relationship managers would stay with them for a minimum of two years. The bank has embarked on a major recruitment drive for new RMs over the past six months.
“Multiple touch points of contact for the customer are available via direct lines, face to face at their place of business of at the business centre itself. In addition, fast decisions on business lending are being made possible through our 48 hour indicative approval guarantee,” Johnson said.
BankWest also announced its new high interest rate Business Edge package, which pays 5.5 percent interest per annum on balances greater than A$250,000, and gives customers free online banking for two years.
Johnson said the bank was aware that a significant proportion of business customers were unhappy with their current banking arrangements but didn’t think they had a viable alternative.
“Our own market research shows business operators are tired of being slugged by high bank fees and manager churn, where they are given a new contact every few months,” he said.