(10 February 2004 – Sydney) Despite the recent run of problems that led to the resignation of chief executive Frank Cicutto, National Australia Bank has improved its performance over the past 12 months as both corporate and transaction banker to Australia’s Top 500 corporates, East & Partners has found.East’s latest Corporate Banking Account Penetration
report shows NAB now owns 11.6 percent of all primary corporate banking
accounts, up from 10.9 percent a year earlier; and 14.5 percent of
transaction banking relationships compared with 13.7 percent the previous
year.
“The National has demonstrated that it is clearly back on the customer
acquisition path after shedding corporate customers prior to December 2002,”
East & Partners principal analyst Paul Dowling said.
“The ship appears to be turning, based on a more focussed and revitalised
relationship management strategy, which has contributed to significant
stabilisation of the bank’s previously falling customer satisfaction
performance.”
However, the bank trails its Big Four rivals with Westpac retaining its
number one corporate banker position despite shedding share of Top 500
banking relationships over the past year.
ANZ hangs on to second place but has also started losing customers.
Commonwealth Bank, however, is the big improver over the past 12 months,
particularly in transaction banking where it now owns 19.6 percent of
relationships, up from 17.3 percent 12 months ago. The report shows St
George is consistently and carefully increasing its presence in the
corporate transaction banking market.
“ANZ’s previously growing primary relationship share definitely appears to
have peaked in these markets, whereas the Commonwealth Bank has attracted
most new customers among the Big Four over the past 12 months,” Dowling
said.
“These relative positions have major strategic impact for the four major
players in particular as corporates increasingly view their transaction
banker as their primary relationship banker. This is especially the case
when viewed under the lamp of primary banks increasing their respective
share of customers’ wallets.”
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For further information contact:
Paul Bartholomew
Executive Editor
East & Partners
Tel: 02-9247 5955
Mob: 0410 400 156
paul.b@eastandpartners.com
www.eastandpartners.com