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Big banks to reconnect with SMEs

by Staff Reporter8 minute read
The Adviser

The major banks are reportedly looking to reengage their small business clients after the economic slowdown caused a strain on their small business relations.

CBA last week announced that it would relocate specialised teams of business bankers to selected retail branches, The Australian Financial Review reported today, with a view to having more than 30 per cent of local business banking staff working within branches by March next year.

The bank hopes to create a greater level of collaboration between clients and their relationship manager.

NAB is also looking to promote its small business credentials, according to the daily, advising small business operators to seek advice from their local NAB business bankers.

Changes in lending policies and high lending rates have strained relations between banks and SMEs in recent months.

According to a report released by East & Partners in April, 69 per cent of small businesses increased an increase in borrowing costs in the six months to April.


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