St George strikes new agency deal

St George Bank has struck a deal with Professional Investment Services which may see the bank expand its retail presence throughout Australia. The St George facilities will initially offer some deposit and cash management accounts. However, the roll-out depends on a pilot cash transaction facility at a PIS branch on the Gold Coast. PIS has more than 900 branches nationwide and over $5.8 billion in funds under advice. The deal allows PIS to offer banking and investment services, including lending and stockbroking. Both parties will be able to cross-sell products.