AMP hopeful over growth in banking business 18 January 2011 5:23PM John Kavanagh Major Banks AMP is hoping the merger with Axa APH will help its banking business grow. According to the Axa APH explanatory memorandum, released yesterday, the value of the bank is that it attracts customers from "different demographics" to the group.AMP Bank had 108,000 customers at November 30. According to the most recent APRA data, it has a 0.8 share of the mortgage market, with growth below system over the past 12 months. It has a 0.3 per cent share of household deposits, which has also grown below system over the past year.The Axa explanatory memorandum for the proposed merger notes that "AMP expects the merged group to provide improved retail investment platforms, as well as offering competitive bank deposit and home mortgage products to more Australians."AMP chairman Peter Mason said: "As securitisation markets recover and more funding becomes available our aim will also be to use the strengths of the merged businesses to help provide consumers with more competition and choice in the banking market."