St George is looking to ramp up its business activity in Victoria, with the bank announcing it will rebrand as the Bank of Melbourne in August.
According to an ASX announcement, more than $90 million will be spent on rebranding and growing the new branch network.
Over the next five years, Bank of Melbourne will grow to over 100 branches and corporate banking centres and 300 ATMs, with 14 new branches expected to open throughout 2011.
A Victorian leadership team that makes decisions on products, services and pricing locally, combined with a Victorian call centre will underpin Bank of Melbourne’s commitment to the state and its local communities.
Speaking about the rebranding, St George general manager Intermediary Distribution Steven Heavey said it would be business as usual for the lender’s broker channel.
“The relationship that brokers have with myself and St George Bank Intermediary Distribution will continue. The local management team and business development managers along with Mortgage Central will continue to provide the high level of service that brokers have come to expect, enhanced by our greater investment in Victoria,” Mr Heavey told The Adviser
“For now, it’s business as usual for brokers and St George Bank . Brokers can continue to offer St George Bank products to customers and there is no change to the processing of home loans.”
Mr Heavey said the bank would continue to keep brokers in the know about any further developments.