Bank of Melbourne today thanked Victoria’s people, businesses and communities for their support as it prepares to celebrate its second anniversary on July 25.
Chief Executive Scott Tanner said he was delighted by the growth Bank of Melbourne had achieved in customers, deposits and mortgages since opening on July 25, 2011, adding that the bank would continue to be involved with the community and support organisations and events that resonate with Victorians.
“We’ve bought a fresh approach to banking in Victoria. It’s working and we continue to grow,” Mr Tanner said.
“More than 100,000 Victorians have opened accounts with us since launch, with many considering Bank of Melbourne their primary bank and transferring more of their business to us. I thank our customers, partners and the community for helping us build Victoria’s bank.”
Since opening its doors on July 25, 2011, Bank of Melbourne has more than doubled its branch network, opening its 72nd branch in Westfield Doncaster Shopping Centre earlier this month. Branches in Brighton, Balaclava and Coburg are scheduled to open in September and the bank is on track to achieve its five-year target of more than 100 branches and over 1,000 employees.
In its most recent set of financial results – in the six months ended 31 March 2013 – Bank of Melbourne welcomed almost 30,000 new customers, opened nine new branches and provided more jobs to Victorians. In addition Bank of Melbourne:
- Deepened customer relationships – the number of customers with four or more products grew 79bps to 28.1% over the half
- Increased deposits by $958 million, at a rate estimated at five times greater than growth in the Victorian market
- Delivered a 9 per cent uplift in mortgages, around three times faster than system
- Increased revenue in the half by 4 per cent, supported by strong balance sheet growth and a high level of cross sales
- Provided more ways to bank by integrating in-branch, online and mobile services and developing ground breaking smart phone applications.
“Bank of Melbourne is growing and investing in Victoria and our financial results confirm that many Victorians see the value of what we are offering,” Mr Tanner said.
In addition to celebrating Victoria’s love of food and wine as the presenting partner of the Melbourne Food & Wine Festival, Bank of Melbourne supports a number of Victorian charities including the Melbourne City Mission. It has contributed to a range of community projects through its grants program The Local Project and launched the Bank of Melbourne Neighbourhood Fund to financially assist organisations and projects that improve the lives of Victorian communities.
“I’m proud of our people who not only go that extra mile for our customers but who also get involved and make a difference to the local communities where they live and work,” Mr Tanner said.