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Jessica Darnbrough
The intense competition between Australia’s big four banks shows no sign of cooling down, with Westpac and CBA unveiling their bullish growth plans for the next quarter.
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Speaking at a luncheon in Sydney this week, CBA’s executive general manager, third party and mobile banking Kathy Cummings told journalists that she had never seen a more competitive banking environment.
“I have been in this industry for more than 20 years and I can honestly say I have never seen more competition between the big banks,” she said.
Ms Cummings said CBA was committed to achieve on system growth over the next quarter and would do “whatever we need to” in order to stay on target.
Westpac’s growth plans however, remain a little more bullish.
At its financial results meeting last week, Westpac’s chief executive Gail Kelly said the bank had grown above system in mortgages and planned to do the same over the coming quarter.
According to Ms Kelly, the Group is currently stepping up its productivity focus to ensure it is appropriately structured for today’s environment.
