Westpac has launched a new bank – the Bank of Melbourne – which will see a rebranding of St George branches in Victoria.
The launch was announced to the Australian Securities Exchange today with the Westpac-originated announcement saying that over the next five years it was intended the bank would grow to over 100 branches and corporate banking centres with over 300 automatic teller machines.
The banking group is claiming the launch of the Bank of Melbourne will result in the creation of 800 new jobs in Victoria, and will sit with Westpac’s other local banking brands St George and BankSA.
The bank’s chief executive, Scott Tanner, claimed the Bank of Melbourne had been established in response to market research indicating customers wanted a local bank.
St George’s Peter Lock has been named chief operating officer of the new bank, with Elizabeth Proust appoint as its chair.
