AMP finalises details for banking licence

AMP is believed to have finalised details for its application to become a fully-fledged bank, and is expected to lodge a formal application with the Reserve Bank within the week.
AMP is tipped to launch its banking arm in about July, to coincide with its listing on the stock exchange. With the RBA indicating late last year, that it could see no irregularities in AMP applying for a banking licence, AMP should be confident of success this time.