St George launches Business Hub
St George has launched a serviced office facility for small businesses. The new service, called Business Hub, is free and has been designed with the aim of providing "the capacity for small businesses to establish and grow their operations."The first hub will open in Chatswood, in Sydney, in November, and more sites are planned. The bank has no hard and fast access and usage rules. A spokesperson said the bank was keeping everything flexible to see what happens. The concept is part of a push by St George to win back its position as a leading small business bank. The Westpac subsidiary also plans to hire an additional 50 business bankers. And it will allocate an additional A$2 billion of funds for lending to small business.St George's general manager of corporate and business banking, Phillip Godkin, said the bank lost some business banking share after the financial crisis, as it sorted through a portfolio that had a strong weighting towards property finance. Now it is looking to regain that share.Earlier this year, St George completed a trial of a business banking service, called Business Connect, which puts customers in touch with a team of business bankers via videoconference.The bank is implementing Business Connect in 150 branches.