Making headlines today, The Australian Financial Review has reported that Westpac Bank is looking at turning RAMS Home Loans into a fully serviced challenger brand.
According to the paper, Westpac is looking at conducting a trial using the software platform that runs the RAMS network to raise deposits.
The trial, which will be limited to Westpac staff, forms part of the lender’s plan to turn RAMS into a full service bank.
But despite the paper’s musings, Westpac officials refused to be drawn on the theory, with a spokesperson for the lender declining to comment.
Westpac has undergone some significant changes of late. At the end of July, St George’s general manager third party distribution Steven Heavey announced he would leave his role at the bank after more than six years.
Mr Heavey’s departure coincided with Westpac’s completion of its multi-brand strategy and management restructure, which will now see Melos Sulicich at the helm of the new operation.
Along with RAMS, this now brings all of the lender’s intermediary businesses together.