Business deposits grow strongly

CBA at 23 per cent over two years, NAB at 30 per cent and ANZ at 33 per cent are the cluster of major banks riding the wave of growth in business deposits generated by the credit crunch.

Westpac is something of a laggard with own name growth of 17 per cent. St George, the bank's new subsidiary brand, reported growth of 54 per cent over two years.

Foreign banks tagged along, with one or two leaders in deposit growth from this sector.

ING Direct generated growth in business deposits over two years of 36 per cent. So did
Arab Bank.

HBSC and Laiki reported growth of 21 per cent.

Citibank, at least earlier on, lived off wholesale funding flows with growth in business deposits of only one per cent.