Alternative customer counts for Bank of Melbourne
Westpac put out more rosy estimates on the progress of its Bank of Melbourne brand on Monday. The bank estimated BOM's market share at 4.2 per cent at September 2013, up from 3.5 per cent one year ago and 3.2 per cent two years ago.In mid-2011, Westpac dropped the St George brand in Victoria, opting to revive the name Bank of Melbourne (a brand acquired in 1997 and then abandoned in 2004).The merit of this strategy has been queried a couple of times in Banking Day this year, based on data compiled by Roy Morgan Research, with a fresh extract being provided today.According to Westpac BOM is "growing in target areas, in particular customer deposits", which, it said, are up 10 per cent, with household deposits growing at "five times system". The bank said mortgage growth was "three times system".Customer numbers were also up 10 per cent, Westpac said.Fifteen new Bank of Melbourne branches opened last year, taking the number in Victoria to 77.Roy Morgan Research now estimates that the Bank of Melbourne brand has 153,000 customers in Victoria, at September 2013. This is up from 140,000 for the St George brand two years earlier.Another 55,000 Westpac customers in Victoria still identify with the St George brand, giving the bank 208,000 customers under its subsidiary brands in the state, or a rise of 68,000 over two years.Bendigo Bank, by contrast, has lifted its customer count by only 21,000, to 543,000, over the same period.Roy Morgan Research's data for September still shows few customers identifying Bank of Melbourne as their main financial institution - only 72,000 did so, which is down from 82,000 in May, but still a rise on August.