Murray trims AMP Bank
A trade sale for AMP Bank must be getting a look in, as David Murray settles in as chair of AMP Group. Either that or white-labelling, or anything to simplify the banking offering at AMP.Staring at a list of fix-ups, foul-ups and needing time for the courting of Canberra, the newly selected chair of AMP Group won't leave his colleagues guessing on the place of AMP Bank within group strategy.Murray's new job at AMP is his first with any responsibility for a banking business since he left his long time job as CEO of Commonwealth Bank 13 years ago.Allocated capital and attention recently, AMP Bank is showing spark.AMP holds a market-share of 1.05 per cent, equal to its best ever, matched for a time in 2004. This represents 18 basis points of market share increase since late 2015.But AMP Bank has little better than half the market share of Macquarie Bank and about two thirds that of ME.Over the year to December 2017 AMP Bank's underlying profit was A$1.04 billion, an increase of 114 per cent.