Bank of Melbourne targets CBA customers

Bank of Melbourne is planning to target Commonwealth Bank of Australia's customer base, betting its bigger rival will be the source of half of the nearly 300,000 new customers it expects to poach from other major banks within the next few years.

Competitors stand to lose as much as $100 million in annual business due to the launch of the new bank brand says Westpac.

Bank of Melbourne yesterday unveiled its new branch and product offering before the bank's official launch on July 25.

The documents were prepared for a two-day meeting of Westpac's board last year, and show Bank of Melbourne “would be expected to win” some 150,000 customers from Commonwealth Bank, 80,000 from ANZ, and 55,000 from National Australia Bank.

Significantly, the briefing paper admits that Bank of Melbourne could snare as many as 100,000 customers from its flagship Westpac bank.

Source: The Age

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