Bank of Melbourne to expand operations
(7 May 2012 – Australia) The next few years will mark many milestones for Bank of Melbourne (BoM) with branch and staff expansions.
The Westpac-backed bank plans to add at least 500 banking jobs and nearly 50 branches in an environment in which banks are clamping down on costs.
BoM chief executive Scott Tanner said: ''The results that are coming through show we're on track with our business case. That business case was set in a much more robust market, and despite that, we're growing at the rates that we anticipated.''
Bank of Melbourne cut its variable mortgage by 41 basis points to 6.99 percent, rivaling National Australia Bank (NAB)’s claim to have the lowest-priced mortgages of the major banks.
So far the bank has 54 branches, with a further six slated to open by the end of June. Mr Tanner is eyeing as many as 100 branches within the first five years, aimed at growth corridors in the west and the city's north. This will also see staff numbers double from the current 585.
Westpac opted to revise its Bank of Melbourne brand last year as part of efforts to give the lender a strong regional banking franchise across the state. It set about running the bank on its St George platform, which Westpac uses as a regional brand in other states.
Since its launch in July last year, Bank of Melbourne has added more than 35,000 customers. Deposit growth of 16 percent is easily outpacing growth in the broader market.
BoM chief executive Scott Tanner said: ''The results that are coming through show we're on track with our business case. That business case was set in a much more robust market, and despite that, we're growing at the rates that we anticipated.''
Bank of Melbourne cut its variable mortgage by 41 basis points to 6.99 percent, rivaling National Australia Bank (NAB)’s claim to have the lowest-priced mortgages of the major banks.
So far the bank has 54 branches, with a further six slated to open by the end of June. Mr Tanner is eyeing as many as 100 branches within the first five years, aimed at growth corridors in the west and the city's north. This will also see staff numbers double from the current 585.
Westpac opted to revise its Bank of Melbourne brand last year as part of efforts to give the lender a strong regional banking franchise across the state. It set about running the bank on its St George platform, which Westpac uses as a regional brand in other states.
Since its launch in July last year, Bank of Melbourne has added more than 35,000 customers. Deposit growth of 16 percent is easily outpacing growth in the broader market.
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