Ninety new shopfronts for Westpac
An intensive program of new branch openings in Victoria is the key feature of Westpac's decision to revive the Bank of Melbourne brand from August this year.The bank will, however, retire the St George brand name in Victoria at the same time.All 34 branches of St George in Victoria will adopt the BOM brand from August, along with five business banking centres.The bank's goal is to open 14 new branches with BOM branding this year; 30 next year, and another 30 in 2013, building to the target of at least 90 new branches in Victoria for the Westpac group.All existing Westpac branches - many of them acquired through the takeover of Bank of Melbourne in 2007 - will retain their existing branding.Until recently Westpac had not invested much in branch network expansion, and total branch numbers fell by nine over the year to June 2010 (based on APRA data) as the bank rationalised its network following the takeover of St George in 2008.The bank will continue to open new St George-branded branches elsewhere in Australia.Asked what was wrong with the St George brand Westpac's CEO, Gail Kelly, said "nothing". She also said there were no implications for the goodwill on the Westpac balance sheet relating to St George.Scott Tanner, a former Bain and National Australia Bank strategy executive, will head Bank of Melbourne. Tanner joined Westpac six months ago.Tanner's management team will, like those of St George and Bank of South Australia, have a degree of flexibility over product pricing.Westpac is recruiting an advisory board for Bank of Melbourne. Elizabeth Proust, a former ANZ executive, will chair the board, which will also include a second former ANZ executive, Peter Hawkins.