Bankwest Chases Eastern Savers

Sydney Morning Herald

Monday September 27, 2004

Cathy Bolt

A year after its full takeover by Scottish banking group HBOS, Perth's BankWest is about to launch an assault on the dominant share of the east coast retail banking market held by Australia's big four banks.

BankWest's retail bank chief executive, Chris Whitehead, confirmed it would unleash its biggest advertising campaign next month, coinciding with the release of two new savings products.

"Unless they are living under a rock, the vast majority of people in the eastern states will know BankWest, whereas at the moment none do," he said. "It will be pretty all-pervasive."

Mr Whitehead would not reveal how much the bank would spend on the initial phase of the BankWest Direct campaign but it is likely to be in the tens of millions, in line with the costs of a national consumer brand launch.

It will include television, radio, newspapers, magazines and posters in all states but be focused on the bigger capital cities.

He also would not give details of the savings accumulation products ahead of the launch but they will be serviced through direct channels - the internet and telephone - addressing BankWest's lack of a physical branch network outside Western Australia.

Mr Whitehead said the direct channels were also lower cost, helping it deliver a more competitive product.

He said the strategy it had adopted with the two new savings products was consistent with HBOS's good value, simplicity and transparency, backed by good customer service.

© 2004 Sydney Morning Herald

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