Bank of Melbourne, owned by Westpac (ASX:WBC) is set to poach about 150,000 of Commonwealth Bank’s (ASX:CBA) customers.
A document presented to a board meeting of Westpac last week, predicts the Bank of Melbourne will lure just under 300,000 customers from other major Australian lenders, costing them an estimated$100 million annually.
Westpac posted a net profit of $3.9 billion in the in the six months to March 31, 2011.
