AMP wins banking licence

AMP Ltd’s persistence had finally paid off, with the Federal Government awarding them a banking licence on Wednesday.

Although the licence takes effect from April 10, AMP’s chief executive, George Trumbaull, said the company’s banking arm would not be operating for at least another eight weeks.

However, don’t expect to see an AMP branch down your local main street. After the success of AMP’s UK operation under the Virgin brand, and following the lead of ANZ Direct, expect to see an institution without much ‘bricks and mortar’ and heavy on direct selling over the telephone.