BRANCH BANKING | Tony Chua, Australia

Westpac to open 7 Bank of Melbourne branches

The move comes amidst renewed pressure to curb costs as many Australian lenders have seen their revenue decreased.

Westpac’s Bank of Melbourne unit will push ahead with its rapid branch expansion, even as banks face a slowing lending market.

The bank is planning to open an additional seven branches across Melbourne's suburbs by the end of this month, including two new outlets that will be opened this morning.

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.

Bank of Melbourne is targeting the city's growth corridors, this morning opening a branch in Airport West as well as a second outlet in Chirnside Park, east of Melbourne.

It is also targeting five others, including Malvern, Cranbourne and Corio in Geelong.

The expansion comes even as banks are under renewed pressure to curb costs as many have seen their revenue crunched.

View the full story in Sydney Morning Herald.

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