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Westpac Banking Corporation completed its acquisition of the RAMS franchise distribution business on Friday.
Westpac CEO David Morgan expressed confidence in the transaction, stating that the deal provides the bank with another growth option for its retail banking business and that RAMS franchisees will benefit Westpac with their “innovative, nimble and flexible approach”.
Morgan also confirmed his belief in the future success of the RAMS franchise.
“Not only have we increased our distribution network by over 10 per cent, we will invest in the entrepreneurial talent at RAMS to ensure it remains an aggressive market player,” he said.
“With the transaction now complete, we are confident that they [franchisees] can aggressively grow their businesses, assisted by the support of a large, secure and stable bank,” he said.
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