BankWest, a subsidiary of HBOS Australia, was Australia's fastest growing retail bank in 2006 in household deposits, mortgages and credit cards, according to figures released by the Australian Prudential Regulation Authority (APRA)¹.
Discussing the APRA data, BankWest Head of Marketing and Products David Rose said: "BankWest is proving itself to be a real catalyst for change in the Australian banking sector. We are striving to be the customer champion by offering market leading, easy to understand products and services that appeal directly to the needs of consumers and deliver a better deal. These figures show our strategy is successful."
The APRA figures for 2006 show that, in deposits, BankWest increased its market share from 3.30 per cent to 3.81 per cent. Overall balances at BankWest increased by 27.5 per cent, more than 2.5 times the average market growth of 10.5 per cent - giving BankWest a higher percentage growth than any other deposit taking institution in Australia. Over the course of the year, nearly $2.5 billion was added to BankWest's balance sheet, much of this increase driven by new customers of the flagship TeleNet Saver account which pays Australia's highest 12 month introductory variable interest rate of 6.80 per cent p.a².
In mortgages, BankWest was the fastest growing mortgage bank in 2006 with growth of 27.7 per cent compared to a 12.3 per cent increase for the market. Over 12 months, BankWest's market share in mortgages rose from 2.72 per cent to 3.10 per cent.
"Competitive fixed rate mortgage offerings, together with a revamped professional package and our commitment to mortgage brokers, underpinned the robust growth in our mortgage portfolio," Mr Rose said.
BankWest took a commanding lead in credit cards, with the APRA data showing 55.6 per cent growth for the year, nearly five times the industry average of 11.2 per cent. BankWest's market share in cards increasing from 1.57 per cent to 2.2 per cent.
"This is a very impressive result," Mr Rose said. "It underscores the fact that customers want products such as the BankWest Lite MasterCard."
Denis Orrock, General Manager of financial information service InfoChoice, said the 2006 APRA results confirm that BankWest continues to offer innovative, value added products to customers.
"Over the past two to three years, BankWest has demonstrated a real commitment to innovation and providing value to the customer," he said.
Mr Orrock added that the APRA figures reveal that not only is BankWest acquiring new customers but also retaining them, notably in the highly competitive deposit markets.
ENDS
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¹ APRA, January 2007.
² Available to new TeleNet Saver customers only. Please see terms and conditions below.
For more information, contact:
Sally-ann Parker Greg Flynn
Media Relations Savage & Partners
HBOS Australia
Sally-Ann.Parker@hbosa.com.au greg@sandp.com.au
Tel: (02) 8299 5453 or 0439 938 935 (02) 8281 3243 or 0400 225 115
Notes to Editor:
The product disclosure statement for this product should be read by customers prior to opening an account. The Product Disclosure statement is available from the website www.abetterdeal.com.au
BankWest TeleNet Product Overview
- Available via the Internet (www.abetterdeal.com.au) or telephone (13 17 20).
- There are no bank fees and no interest tiers.
- Joint accounts are available.
TeleNet Saver
- TeleNet Saver has an opening variable rate of 6.80 per cent p.a. for the first 12 months; the interest rate reverts to variable rate, currently 6.25 per cent p.a. thereafter.
- Interest is paid monthly.
- There is no minimum opening deposit, and there is a maximum investment limit of $1 million.
- A regular savings plan can be set up on the account.
About BankWest
BankWest is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups, with assets of about AUD$800 billion (£380 billion). BankWest is a full service bank which originated in Western Australia in 1895 and services more than 860,000 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. Standard & Poors short-term credit rating for BankWest is "A-1+" and "AA-" for the long term, providing customers with investment grade security.
