Westpac ends St George, Bank of Melbourne private banking arms

afr.com:

Westpac will merge its private banking arms at St George and Bank of Melbourne with the mainline brand, telling customers it will allow the company to invest more effectively in the service.

Private banking is an exclusive product provided to wealthy customers who are generally also active investors. The merge will see around 2000 customers at Westpac’s regional subsidiaries moved to the mainline brand.

It comes only a few months after Westpac shuttered its premier banking division. Will Willitts

Westpac executive Ashley Stewart informed staff of the changes this week, saying the move will “remove operational complexity, increase our focus and accelerate investment”.

“While the regional brands continue to play an important role more broadly across Westpac Group, this change means St George Private and Bank of Melbourne Private will no longer operate as standalone brands,” he said in an internal note, obtained by The Australian Financial Review.

“There is no immediate change for our clients and our priority is to ensure a seamless service experience and transition. In the coming weeks, clients will either be invited to join Westpac Private Bank or be migrated to Consumer or Commercial Relationship Banking,” Mr Stewart said.

It comes only a few months after Westpac shuttered its premier banking division, a segment dedicated to customers earning more than $300,000 a year but not enough to qualify for the private bank, in June.

Mr Stewart said customers moved to the regular consumer bank will “have their banking needs managed by our branch staff” in his internal note.

“As we make this change looking after the needs of our clients is a top priority. We will work with them to ensure we continue to offer a high level of service