New branches open in Melbourne
(6 September 2011 – Australia) Westpac’s rebranded Victoria business Bank of Melbourne (BoM) will push ahead with its rapid expansion, with seven additional branches opening in Melbourne’s suburbs by the end of September.
Westpac is in the process of rebranding its St George business across Victoria as Bank of Melbourne. The move, which includes plans to open a further 90 branches over the next five years, is designed to give Westpac a strong regional brand franchise across the state.
This week, BoM opened a branch in Airport West as well as a second outlet in Chirnside Park, east of Melbourne. Malvern, Cranbourne and Corio in Geelong are among the city’s growth corridors being targeted by the bank.
The expansion comes even as banks are under renewed pressure to curb costs as many have seen their revenue crunched.
Figures released by the Reserve Bank last week confirmed the tough lending environment for banks, with the pace of growth in mortgage sales stuck at the lowest level in more than three decades.
Since acquiring St George Bank three years ago, Westpac has emerged with the biggest branch network of the nation's big banks, with 1257 outlets.
This week, BoM opened a branch in Airport West as well as a second outlet in Chirnside Park, east of Melbourne. Malvern, Cranbourne and Corio in Geelong are among the city’s growth corridors being targeted by the bank.
The expansion comes even as banks are under renewed pressure to curb costs as many have seen their revenue crunched.
Figures released by the Reserve Bank last week confirmed the tough lending environment for banks, with the pace of growth in mortgage sales stuck at the lowest level in more than three decades.
Since acquiring St George Bank three years ago, Westpac has emerged with the biggest branch network of the nation's big banks, with 1257 outlets.
Subscribe