Written by Scott Murdoch
He said on Tuesday that Sydney (Reuters) -Australia’s Westpac Bank Corp aims to employ 350 bankers in the next two years to help obtain a commercial banking market share and close the gap on its main competitors.
Paul Fowler, CEO of WestPac, CEO of WestPac for commercial banking services and business wealth.
Westpac, the second largest bank in the market, had a 16.1 % commercial lending market share in July, an increase of 15.3 % at the same time last year, according to the regulatory figures issued last week.
The numbers show that the numbers are in third place behind the National Bank of Australia by 21.6 % and the largest lender in the country, by 18.85 %.
Westpac and CBA targets NAB stronghold on commercial banking services by providing reduced lending rates to make customers replace banks, according to analysts, at a time when the bank is subject to a major change.
Analysts say that his business chief of business in NAB began Andrew Urbach in June and did not previously manage a section for commercial banking services and this makes it exposed to competitors trying to cut its share in the market.
NAB will hold a commercial banking on Wednesday.
Fowler said that the WestPAC business and wealth division recorded a clear profit of $ 1.1 billion (714.78 million dollars) in the first half of the current fiscal year, making it the largest contributor to a net profit of $ 3.3 billion.
“For nearly a decade, Westpac has occupied a pioneering position in commercial banking services in this country. Since that time, we have had times in which we lost focus and gave up a large ground,” said Fowler.
“… we made a decision, a strategic decision, to tend towards commercial banking services.”
Fowler joined Westpack in May after 10 years in CBA.
($ 1 = 1.5389 Australian dollars)
(Participated in Scott Murdoch reports, editing by Haricrichan Nair)
https://media.zenfs.com/en/reuters-finance.com/9d1a0616aff6acce3d7643aa6be267ff
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