CBA targets rivals as chase for business banking crown heats up

  • 📰 theage
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 77%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

While NAB is the big fish in business banking, Vacy-Lyle says CBA is also keen to cut Macquarie down to size, by sharpening its focus on the real estate market.

CBA’s head of business banking, Mike Vacy-Lyle, says the bank is targeting a bigger slice of the business banking pie despite a slew of businesses, especially in the property and hospitality sector, feeling the pinch.

“We’ve seen an unprecedented increase so far in our number of active business banking accounts,” he said. “We are now opening more than 5000 business transaction accounts a week.”CBA’s growth comes despite some businesses, especially property developers, facing “incredibly high” levels of liquidations and insolvencies amid a labour shortage, increasing input costs and fixed-price contracts.

However, CBA is eager to turn up the heat on its rivals, leveraging its position as the country’s dominant bank to grow lending to the large customer base of businesses that already rely on some of its other services. CBA on Monday announced it would partner with real estate software provider MRI Software, which processes about $2 billion worth of rent a month through its platform.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines