Westpac Broking customers hit 60,000

Today, Westpac Broking celebrates its first anniversary having signed up 60,000 customers in its first year. Michael Migro, Joint Managing Director of Westpac Financial Services, said that “Westpac Broking was originally established in response to the needs of existing Westpac customers”. He also claimed that 93% of Westpac Broking customers had a relationship with Westpac.

In terms of account numbers, number of trades and volume of trades, Westpac Broking was the fastest growing online broker over 2000, leaving it behind Comsec and Etrade. Being a bank with a relationship with some 5 million Australians has obviously helped this growth, something that the likes of Etrade, TD Waterhouse and Sanford Securities have had to do without.

Mr Migro indicated that over the next 12 months Westpac Broking customers can look forward to expanded market news and charting facilities, access to managed funds and international share trading. He also claimed that further services may be added in line with the needs of Westpac Broking customers.

Mr Migro made no predictions upon when Westpac Broking would become profitable. Charles Schwab Australia has also indicated it is not expecting to be profitable within 4 years, leaving Comsec as the only online broker to be making any money at the moment.