CBA woos AFG brokers
Commonwealth Bank has made an aggressive pursuit of home loan market share in recent months, if AFG data is indicative of the broader market.AFG's latest Competition Index shows Commonwealth Bank increasing its share of AFG business from 17 per cent in November to 23.4 per cent in February.CBA subsidiary Bankwest increased its share of AFG business from 5.1 per cent to 7.3 per cent over the same period.AFG general manager of sales and operations Mark Hewitt said in a statement: "When an organisation with the size and balance sheet power of Commonwealth Bank responds to competition it can be very difficult for smaller lenders to match it."Other lenders that picked up share over the period included ME, which grew from 1.4 per cent to 2.5 per cent, and AMP (1.4 per cent to 2.2 per cent).Bank of Queensland was a big loser, falling from a seven per cent share in December to 2.5 per cent in February. Hewitt said BOQ had difficulty processing the volume of loans it received.ANZ's share fell from 16.7 per cent in November to 15.5 per cent in February, NAB's share (combined with NAB Broker) fell from 8.9 per cent to 7.6 per cent and Westpac Group share fell from 21.9 per cent to 17.9 per cent.