Westpac Banking Corporation (ASX:WBC) has announced that it will resurrect its Bank of Melbourne brand in Victoria as part of its multi-brand strategy.
Establishing Bank of Melbourne is expected to cost Westpac around $90 million, with $26 million already invested into the venture.
Westpac intends to grow Bank of Melbourne to over 100 branches and corporate banking centres and 300 ATMs in the next five years. 14 new branches are planned to open this year.
In Victoria, St George branches and corporate banking centres will convert to Bank of Melbourne with the new initiative expected to create up to 800 jobs in the state.
Bank of Melbourne chief executive Scott Tanner says that its customers have requested a local bank that is engaged in the local community in which it operates.
In the 2010 financial year, Westpac generated a $6.4 billion net profit.
