Bank of Melbourne to be relaunched
Westpac has announced it will relaunch the Bank of Melbourne in August.
It will cost $90 million to establish the bank, which will replace Westpac's 14 St George banks in Victoria. $26 million has already been spent on the launch.
Premier Ted Baillieu says it will bring 800 jobs to Victoria, and boost banking competition.
Westpac chief executive officer Gail Kelly says there should not be any regulatory concerns about the new bank.
"We run it locally. It's got a local CEO, a local advisory board, making decisions on price and product and service and delivery for customers locally," she said.
"We think that's a fabulous example of more choice for customers that we can offer through our multi-brand model."
Bank of Melbourne chief executive Scott Tanner said market research had revealed 'deep affection' for the brand dumped by Westpac in 2004.
He said the bank would be marketed as new and different but would build on its heritage and would provide a boon to local employment and local Victorian businesses.
Victoria's regional banks generally hold the lowest market share of any Australian state after acquisitions from the majors.