HBOS takes the lead in retail banking

Stockbroker ABN AMRO Morgans estimates that British bank HBOS now ranks first in terms of new business in every significant retail category in Australia’s banking market. HBOS is acquiring customers quickly in the high yield, at call account segment. ABN AMRO estimate that the success of HBOS may reduce the combined net profit of the four major banks by about $100 million, or equal to 2 per cent of their net profit.