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Jessica Darnbrough
Bank of Melbourne’s chief executive Scott Tanner has unveiled his bullish growth plans for the lender, in a bid to become a viable alternative to the majors.
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Speaking to The Adviser, Mr Tanner said the bank had plans to open 100 branches in the not too distant future.
“That means we will be adding close to 70 branches to our existing network,” he said.
“Moreover, we are adding an additional 800 staff. That’s amazing growth. Basically, we plan to triple the size of the business within the next five years.”
Currently, the bank boasts 49 branches, including 15 new offices and 34 previously branded as St George.
Mr Tanner said the ultimate plan for Bank of Melbourne was to take “significant market share” away from its competitors.
“We want to be the bank of choice in Victoria. At the moment, Victoria is underserviced in terms of regional banks. When we opened our doors, just 13 per cent of Victorians had a relationship with a regional bank – a far cry from the national average of 22 per cent.
“We think there is a real and present opportunity to extend our reach to a greater number of Victorians and become a true alternative to the majors.”
