Banks compete for small business
Westpac wants to be the biggest lender to small and medium sized business, overtaking long time market leader NAB in the $60 billion market. NAB has 20 per cent of the SME market and will unveil its group strategy tomorrow. Westpac, with St George, are now running a close second.
Westpac has set no internal limit on SME lending and extended $15 billion to the segment in 2008. Last year Westpac announced it was adding 300 new business bankers and adding more business banking centres. NAB is adding 175 business lenders.
Source: The Australian