BankWest, part of HBOS Australia, is continuing its push to grow its business nationally with the relocation of BankWest Head of Broker Sales Phil Colton to Melbourne.
Announcing the move, BankWest Head of Retail Sales Mark Reid said it showed BankWest's determination to build mortgage market share on the east coast through the broker channel.
"The move will allow Mr Colton to offer greater support to our growing pool of east coast brokers and develop new business opportunities," Mr Reid said.
"The broker channel on the east coast accounts for 56 per cent of total new loans for BankWest so it is a significant part of our growth strategy, and we have already had substantial success particularly in New South Wales and Victoria."
From May 2005 to May 2006 BankWest mortgages under management grew 32.6 per cent nationally, making it the fastest growing mortgage business in Australia. East coast balances made up 48 per cent of the total book, by value.
"With our national growth aspirations, it's time to increase our commitment and build our business on a national scale," Mr Reid said.
Mr Reid said that Western Australia, where the bank had a more mature market presence would remain a key focus for BankWest.
"We have been a supporter of the broking channel in WA since its inception and clearly with the ongoing property boom and the accompanying growth, WA is an important part of our business."
"Mr Colton will continue to spend a significant amount of time in WA with brokers, while building an east coast presence to complement our booming WA business to help us become a national force," he said.
Mr Colton said he was looking forward to the move which would allow him to get closer to east coast brokers and reinforce relationships.
"We have already increased our commitment and support to brokers on the east coast by extending our Partnership Managers to regional Australia. I will continue to develop this from my Melbourne base," he said.
Mr Colton has been with BankWest for eighteen years and has undertaken a range a roles including lending, branch management and mobile banking. From 2000 to 2002 he was responsible for thirty mobile managers within Western Australia and from 2003 to 2005 he was Area Manager responsible for 15 branches, the mobile channel and 170 staff.
In 2005 he became State Manager for WA and was in charge of the west coast broker operations which included South Australia and the Northern Territory. More recently as Head of Broker Sales, Mr Colton heads up seven direct managers and 40 Partnership Managers nationally.
Mr Colton said competition was increasing and BankWest would escalate its commitment to the broker channel in both Western Australian and on the east coast.
"BankWest's east coast market share push is fundamental to HBOS Australia's national growth and the broker channel is a significant part of this growth strategy in place of traditional bricks and mortar branches," Mr Colton said.
"We are aggressively pushing forward as a bank and I look forward to expanding our broker channel nationally and increasing competition in the market through our customer-focussed product offering."
Further information:
Bridget Tombleson
Media Relations Manager
HBOS Australia
bridget.tombleson@hbosa.com.au
Tel: (08) 9449 6768 or 0407 084 359
BankWest is a full service bank which originated in Western Australia in 1895 and services more than 660,000 customers. Nationally, BankWest promotes a range of products using cost-effective direct and third party distribution channels, including 24-hour telephone and internet services and mortgage brokers.
In WA, BankWest is a market leader with about one quarter of all bank advances and deposits and an extensive network of branches.
BankWest is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$1,250 billion (£540 billion). Standard & Poors short-term credit rating for BankWest is "A-1" and "A+" for the long term, providing customers with investment grade security.
