Westpac has announced it is currently considering launching a new internet-only banking service, to be known as Red, that will form part of Westpac’s multi-brand strategy.


The announcement comes as Westpac continues to revive the defunct Bank of Melbourne brand, which it says will take priority before any full roll out of Red.


The refreshing of the Bank of Melbourne brand will serve to eclipse the St George bank which Westpac admits has struggled to create a market share in Victoria.