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Bank rebrand opens door to greater competition

by Staff Reporter11 minute read
The Adviser

Jessica Darnbrough

In a bid to provide Australians with a more “personal, flexible and competitive” banking service, one of Australia’s lenders has rebranded to become Bank of Sydney.

Bank of Beirut's rebrand follows the lender's recent acquisition of Beirut Hellenic Bank.

With the official launch taking place yesterday, the newly branded bank has opened 16 branches in Sydney, Melbourne and Adelaide.


The recent rebrand is set to capitalise on the 31 per cent net profit increase Beirut Hellenic Bank achieved in 2012.

According to Bank of Sydney chairman, Nicholas Pappas, the lender aims to significantly grow its customer base across the country by offering all customers a personal banking service and competitive product offerings.

“The launch of Bank of Sydney today represents our ongoing commitment to providing a locally relevant, responsive and flexible service for multicultural Australia. Our connection to the community, nimbleness and size allows us to provide a more personable, flexible and competitive service to all customers – whether they are an international firm, small local business or retail customer.

“Sydney is an economic powerhouse, a globally recognised destination with a vibrant multicultural community. These qualities align with our own goals to be Australia’s leading relationship-driven bank, where every customer is provided with a highly personalised, flexible and top quality service.

“Our financial strength ensures that we are in a strong position to continue expanding our business throughout 2013 and beyond, creating wealth for our customers and employment opportunities in our branches across Australia,” Mr Pappas said.

To mark the rebranding, Bank of Sydney has launched several new products including the Everyday Saver Account which, according to the bank, combines the convenience of an everyday account with the benefits of a saving account, earning customers 4 per cent interest on balances of up to $50,000.

The bank has also launched a competitive three-month term deposit campaign for new customers, with an interest rate of 4.55 per cent for deposits of up to $500,000.

Bank of Sydney is an Australian authorised deposit-taking institution, regulated by APRA and subject to the Australian Government Deposit Guarantee Guide.

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