Private banking franchise warmly welcomed
Bendigo Bank franchisee Private Banking Services (PBS) is on target to write $15 million in business in its first four months.
PBS, which was officially launched today (Editors: 5.30pm) by Bendigo Bank's General Manager Retail, Greg Gillett, opened its doors at 405 Collins St, Melbourne, in mid-February but has already made an impact on the private banking market.
"The franchise has already achieved a $10 million book in its first quarter and is on track to grow by a further 50 per cent during June," Mr Gillett said.
"This reaffirms our view that the Bendigo style of personalised banking can attract a strong following among professional people who seek a one-to-one banking relationship."
PBS Managing Director David Tudor said his company aimed to provide "a special banking relationship" for its clients.
"Our clients are assigned their own personal banker who is basically on-call for them and can come to their office or home at any time.
"Most of our clients will be professional people who are time-poor and need a banker they can trust to source the best financial package for them. Our aim is to provide a premium service."
Mr Tudor said the group was delighted with the response to PBS, which had grown rapidly despite no pre-launch advertising or website presence.
"From today we fully enter the market with a range of promotional material and our website at www.bendigobank.com.au/pbsfranchise and we anticipate strong demand for our service."
Mr Gillett said PBS was one of three private franchise Bendigo Bank outlets in Melbourne, following the launch of private franchises in Boronia and Ringwood.
Ringwood and Boronia are operated by Mont Albert-based mortgage originators Housing Loans Group Melbourne, while the Private Banking Services Centre franchise is owned by a consortium of city businessmen and women.
The franchises run on a similar financial basis as Bendigo's successful Community Bank model but employ a different ownership structure.
"We do not see private franchises as a core delivery option - they are a specialised solution for specific circumstances and customer bases," Mr Gillett said. "We have the banking skills, so whenever a community has a need for a specific range of services and purpose-built product we are willing to take on a partner who can build and service the customer franchise.
"In several instances we have found private franchise is a positive way to service a discrete customer base.
"In this instance we were approached by a group of primarily Melbourne-based professionals, including two former Bendigo Bank senior managers, who had identified a clear need among fellow professionals for a highly specialised banking service.
"They required all the e-banking facilities on which they depend but with the ready availability of personal service when they require assistance. Our Melbourne CBD based franchise provides the full range of Bendigo Group products backed by quality personal service."