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Bank of Sydney to relocate headquarters

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Reporter 1 minute read

The non-major bank revealed that it is purchasing a building in Sydney’s CBD to relocate its head office.

Bank of Sydney announced reaching an agreement to purchase 62 Pitt Street, Sydney, which it said will act both its “signature branch and its Australian head office”.

Bank of Sydney was not able to confirm the price of the eight-level, 1,709 square metre (combined) building, which has six floors of office space at 220 square metres each.

The building was previously co-owned by former New Zealand politician and property investor Robert Jones’ private company, Robt Jones Holdings, for 19 years.

Moving forward, Steve Sampson, Bank of Sydney’s head of third-party distribution, said the bank’s aim is to ramp up growth through its broker, retail and digital channels.

“Given the success of third party distribution over the last four years, there is a strong commitment to expand and capitalise across all channels,” he told Mortgage Business.

Mr Sampson said that, because brokers have been “a big part of the bank’s success”, they will be invited to utilise its new headquarters to meet customers.

“We will be in a good position to host larger training days and events,” he added.

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Last month, Bank of Sydney announced the launch of a new basic mortgage product for owner-occupiers, called BOSBasic, with a similar property investment loan expected in due course.

The loan, which comes with a variable interest rate of 3.55 per cent per annum (3.57 per cent per annum comparison), is applicable for existing residential dwellings in metro postcodes only (excluding the Northern Territory, Western Australia and Tasmania – with restrictions for properties located in Queensland).

“In these turbulent times, we hope to bring some joy to the [broker] market with our new proposition,” Mr Sampson said in February.

[Related: Lender launches new mortgage products]

Bank of Sydney to relocate headquarters
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