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Jessica Darnbrough
Westpac's group executive retail and business banking Rob Coombe has reaffirmed the lender's commitment to the broker channel, putting to rest any speculation surrounding a possible withdrawal from third party distribution.
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Speaking to The Adviser, Mr Coombe said the success of the bank's third party distribution was just as important to Westpac as growth via its branch network.
“To Westpac, the definition of success is winning business and growing our market share in both channels – that is the first and third party. We don’t want to win share in one channel at the expense of the other.
“We want to be equally successful in both,” Mr Coombe said.
A media report last month questioned Westpac's commitment to third party distribution, suggesting the bank may look drop the broker channel in favour of its retail business.
But Mr Coombe revealed that the third party channel was delivering significant volumes and it remained a core focus for the bank, stating that approximately 45 per cent of all new Westpac business is written through the broker channel.
“We support the broker channel in every way. Over the last few months, we have launched some product initiatives that favour the third party channel. Just as in the past we have certain products and policies that favour the first party channel. We are looking to grow our market share and are committed to supporting both channels to make this happen.”
