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Melbourne re-brand a slow achiever for Westpac

22 July 2013 4:52PM
The Bank of Melbourne brand helped attract new customers to Westpac in Victoria, which had a net increase of around 46,000 customers over the last two years.The number of customers who call Bank of Melbourne their main financial institution, however, is smaller than the number who used to call St George their financial home.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).Analysis by Roy Morgan Research of its banking customer data shows that the Westpac group had 1.19 million customers in Victoria at the end of May 2013, a rise of 67,000 over two years. This counts those aged 14 or older with a traditional banking product such as a savings account or personal loan.Bank of Melbourne had 145,000 customers at May 2013, 9000 fewer than St George had two years earlier.On the measure of "main financial institution", the trends are similar.The Roy Morgan data showed that the Westpac group had 850,000 customers in Victoria at the end of May 2013 who described the bank as their main financial institution, a rise of 13,000 over two years. Bank of Melbourne had 82,000 customers at May 2013 who said the bank was their main financial institution, 8000 fewer than St George had two years earlier.On the other hand, some Westpac group customers still identify with the St George brand.Taking this into account, Westpac can point to a rise of 46,000 in customer numbers for St George and Bank of Melbourne over two years, and a rise of 7000 in the number who describe the bank as their main financial institution.By comparison, Bendigo Bank has made gains of 47,000 in customer numbers in Victoria over the two years, and seen a rise of 45,000 in the number of those who describe the bank as their main financial institution.Westpac, using internal data, paints a more positive picture of the two years of trading under the Bank of Melbourne banner.In a media statement released on Friday, it said it had acquired "close to 100,000 Victorians [who] have opened accounts with us since launch."The bank said it increased customer numbers by more than 25 per cent.

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