Bank of Melbourne (2011)
{{Short description|Australian banking institution}}
{{Use dmy dates|date=June 2020}}
{{Use Australian English|date=August 2011}}
{{Infobox company
| name = Bank of Melbourne
| logo = Bank of Melbourne logo.svg
| type = Subsidiary
| industry = Banking, Financial services
| foundation = 25 July 2011
| location = Melbourne, Australia
| locations = 7 (27 December 2024)
| predecessor = Bank of Melbourne (1989)
| area_served = Victoria, Australia
| key_people = Elizabeth Proust (Chairman)
Mark Melvin (Chief Executive)
| products = Personal Banking, Business Banking
| parent = Westpac
| homepage = {{url|http://www.bankofmelbourne.com.au/}}
}}
The Bank of Melbourne is a financial institution operating in Victoria, Australia. A subsidiary of Westpac, it commenced operations on 25 July 2011.
The Bank of Melbourne initially rebadged the Victorian business of St George Bank, another wholly owned subsidiary of Westpac, as part of a major local branding strategy. The customer-facing activities of the business operate independently of Westpac. Westpac has owned the Bank of Melbourne, and the rights to the brand, since its acquisition of the bank in 1997.{{cite news |url= http://www.theage.com.au/articles/2004/01/29/1075340780727.html?from=storyrhs |title=Bank of Melbourne to lose its identity |work=The Age|author=Mark Russell |date=30 January 2004 |accessdate=24 March 2011}}
History
File:Bank of Melbourne, William Street Melbourne, 2011.jpg in 2011. This branch closed in 2022.]]
The RESI Statewide Building Society was granted a banking licence and established the Bank of Melbourne in July 1989, listing it on the Australian Securities Exchange on 13 July 1989.[https://www.afr.com/politics/new-member-for-second-tier-club-19890714-k3gvj New member for second tier club] Australian Financial Review 14 July 1989 In November 1996, the bank acquired the Victorian business of Challenge Bank from Westpac.
On 3 April 1997, Westpac made a $1.43 billion bid to acquire the Bank of Melbourne; on 29 September 1997, holders of 96% of the ordinary shares of the Bank of Melbourne voted to approve the proposal. Conditions of approval for the takeover required Westpac to continue operating the entity as the Bank of Melbourne for three years.
The entity traded under that brand name until January 2004, at which point the brand name was retired and replaced with Westpac. In 2008, Westpac merged with the St George Bank.
In 2011, Westpac relaunched a redesigned Bank of Melbourne brand, trading with the infrastructure and employees of St George Bank in Victoria and led by Chief Executive Scott Tanner.{{cite news |url= http://www.heraldsun.com.au/businessold/westpac-relaunches-bank-of-melbourne/story-e6frfh4f-1226018900532 |title= Westpac relaunches Bank of Melbourne |author= Chris Gillett |date= 10 March 2011 |accessdate= 16 May 2014 |work=Herald Sun}}{{cite news |url= http://www.smh.com.au/business/bank-of-melbourne-revived-as-westpac-goes-back-to-the-future-20110310-1bpng.html |title= Bank of Melbourne revived as Westpac goes back to the future |date= 11 March 2011 |accessdate= 16 May 2014 |work=Sydney Morning Herald|author= Malcolm Maiden }} Bank of Melbourne's logo is a navy blue shield, reflecting the architecture of Melbourne{{Cite web|url = http://www.designworks.co.nz/super-local-preference.html|title = Designworks - Bank of Melbourne|accessdate = 2014-12-06}} and Victoria's state colour. The logo was created by Ogilvy and Designworks.[https://web.archive.org/web/20141210003806/http://www.ogilvy.com.au/the-work/bank-of-melbourne-launch Bank of Melbourne Launch] Ogilvy
The bank has branches across metropolitan Melbourne and other primary urban centres including Ballarat, Bendigo, Geelong and Shepparton. It has a local executive team led by Chief Executive Mark Melvin, an Advisory Board chaired by prominent business figure Elizabeth Proust, and a CBD call centre to serve customers over the phone.
In 2015, Bank of Melbourne was announced as the anchor tenant in the Rialto's $100 million Mid town redevelopment,{{Cite web|title=New five-level tower to wrap around Rialto base|url=https://www.theage.com.au/national/victoria/new-fivelevel-tower-to-wrap-around-rialto-base-20150702-gi3jk0.html|last=Lucas|first=Clay|date=2015-07-02|website=The Age|language=en|access-date=2020-05-06}} timed to mark the 30th anniversary of the iconic skyscraper. The bank moved its head office to the redeveloped Rialto building on the corner of Collins and King streets in the Melbourne central business district in 2017.
At its peak, Bank of Melbourne's branch network numbered 106 branches around Victoria; mostly being rebranded St George branches. From the start of 2022, the bank's dedicated branch network began to shrink rapidly,{{Cite news |first=James |last=Frost |url=https://www.afr.com/companies/financial-services/bank-of-melbourne-to-close-100-branches-early-20200807-p55jgg |date=2020-08-07 |website=AFR |archive-url=https://web.archive.org/web/20240721053044/https://www.afr.com/companies/financial-services/bank-of-melbourne-to-close-100-branches-early-20200807-p55jgg |archive-date=2024-07-21 |title=Bank of Melbourne to close 100 branches early}} dwindling to just 9 by November 2024, being sporadically placed around Melbourne - and one each in Geelong and Ballarat - with the Box Hill, Pakenham & Watergardens branches closing in August and September 2024. The Chadstone branch closed on the 18th of October 2024, and the Eastland and Glen Waverley branches closed on the 8th of November 2024. Geelong and Fountain Gate closed on the 24th of December 2024, despite both branches receiving similar customer numbers to that of 2019.{{Cite web |title=Geelong branch closure fact sheet |url=https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_geelong_branch_closure_fact_sheet.pdf |url-status=live |archive-url=https://web.archive.org/web/20240930060228/https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_geelong_branch_closure_fact_sheet.pdf |archive-date=30 September 2024 |access-date=30 September 2024 |website=Bank of Melbourne}}{{Cite web |title=Fountain Gate branch closure fact sheet |url=https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_fountaingate_branch_closure_fact_sheet.pdf |url-status=live |archive-url=https://web.archive.org/web/20240930060115/https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_fountaingate_branch_closure_fact_sheet.pdf |archive-date=30 September 2024 |access-date=30 September 2024 |website=Bank of Melbourne}} This was also the case with the Werribee and Pakenham branch closures.{{Cite web |title=Bank of Melbourne |url=https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_werribee_plaza_branch_closure_fact_sheet.pdf |url-status=live |archive-url=https://web.archive.org/web/20240930060555/https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_werribee_plaza_branch_closure_fact_sheet.pdf |archive-date=30 September 2024 |access-date=30 September 2024 |website=Bank of Melbourne}}{{Cite web |title=Pakenham Branch closure fact sheet |url=https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_pakenham_branch_closure_fact_sheet.pdf |url-status=live |archive-url=https://web.archive.org/web/20240930060558/https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_pakenham_branch_closure_fact_sheet.pdf |archive-date=30 September 2024 |access-date=30 September 2024 |website=Bank of Melbourne}} In 2025, Highpoint is next to go on the 27th of June, and Epping is due off on 29 August 2025.{{Cite web |title=Epping Branch Closure fact sheet |url=https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_epping_branch_closure_fact_sheet.pdf |url-status=live |archive-url=https://web.archive.org/web/20250605111257/https://www.bankofmelbourne.com.au/content/dam/bom/downloads/help/branch/bom_epping_branch_closure_fact_sheet.pdf |archive-date=5 June 2025 |access-date=5 June 2025 |website=Bank of Melbourne}} This leaves just the Doncaster, Knox City, 525 Collins Street, Pavillion Bourke and Ballarat branches. The Ballarat branch was closed, but then "co-located" with the nearby Westpac branch as part of the Group's co-location program. This was to technically satisfy the Group's commitment to not close any more regional branches until 2027.{{Cite web |last=Dalziel |first=Alex |date=8 August 2024 |title=Bank of Melbourne to move, share location with Westpac |url=https://www.thecourier.com.au/story/8723370/bank-of-melbourne-to-relocate-to-westpac-branch-in-ballarat/ |url-status=live |archive-url=https://web.archive.org/web/20240930061142/https://www.thecourier.com.au/story/8723370/bank-of-melbourne-to-relocate-to-westpac-branch-in-ballarat/ |archive-date=30 September 2024 |access-date=30 September 2024 |website=The Courier}} Customers of the bank can, however, use all Westpac branches and ATMs for cash transactions (such as withdrawals and deposits) and access basic or full banking customer assistance at selected Westpac branches in Victoria and around Australia. Examples of these are the Westpac branches in Mildura, Horsham, Airport West and South Morang. Further to this, Bank of Melbourne customers can access full banking services at any BankSA or St George branch in Australia.{{Cite web |date=26 September 2023 |title=Westpac expands branch access for customers |url=https://www.westpac.com.au/about-westpac/media/media-releases/2023/26-September/ |url-status=live |archive-url=https://web.archive.org/web/20240721053828/https://www.westpac.com.au/about-westpac/media/media-releases/2023/26-September/ |archive-date=21 July 2024 |access-date=21 July 2024}}
Branches closed between 2021 and 2022 include, but are not limited to Mildura, Greensborough, Eltham, Caroline Springs, Balwyn, Berwick, Brunswick Barkly Square, Bundoora, Burwood East, Carnegie, Ferntree Gully, Forest Hill, Hawthorn, Ivanhoe, Karingal Shopping Centre, Mentone, Oakleigh, Rowville, Springvale, St Kilda, Toorak, Warrnambool, Northcote, 100 Collins Street, Kew, Traralgon, Croydon, Prahran, Hamilton, Bendigo and Portland.{{Cite web |date=2021-03-25 |title=Westpac accused of ‘deserting customers’ as it shuts 48 branches across Australia |url=https://7news.com.au/business/banking/westpac-group-announces-closures-of-48-bank-branches-around-australia-c-2441352 |url-status=live |archive-url=https://web.archive.org/web/20250107051302/https://7news.com.au/business/banking/westpac-group-announces-closures-of-48-bank-branches-around-australia-c-2441352 |archive-date=7 January 2025 |access-date=2025-01-07 |website=7NEWS |language=en}}{{Cite news |title=Major bank shuts down 24 branches |url=https://www.news.com.au/finance/business/banking/westpac-to-close-down-24-branches-with-103-jobs-lost/news-story/2e5f73734417e818810b4e43f592fbe7 |url-status=live |archive-url=http://web.archive.org/web/20220916013332/https://www.news.com.au/finance/business/banking/westpac-to-close-down-24-branches-with-103-jobs-lost/news-story/2e5f73734417e818810b4e43f592fbe7 |archive-date=2022-09-16 |access-date=2025-01-07 |work=news |language=en-GB}}
Branches closed in 2023 include Waurn Ponds, Casey, Chirnside Park, Moonee Ponds, Melton, Woodgrove, South Melbourne, Malvern, Horsham, Shepparton, Brimbank, Camberwell and Point Cook.{{Cite web |last=clancyh |date=2023-02-13 |title=More than a dozen Victorian bank branches to close in coming months |url=https://www.3aw.com.au/more-than-a-dozen-victorian-bank-branches-to-close-in-coming-months/ |url-status=live |archive-url=https://web.archive.org/web/20250107051750/https://www.3aw.com.au/more-than-a-dozen-victorian-bank-branches-to-close-in-coming-months/ |archive-date=7 January 2025 |access-date=2025-01-07 |website=3AW |language=en}}
Branches closed in 2024 include Werribee, Watergardens, Southland, Geelong, Fountain Gate, South Morang, Pakenham, Box Hill, Glen Waverley, Eastland, Broadmeadows, Airport West and Preston East.{{Cite web |date=2024-03-12 |title=Aussie ‘big four’ bank announces more branch closures |url=https://7news.com.au/news/westpac-to-close-bank-branches-in-victoria-and-nsw--c-13920669 |url-status=live |archive-url=https://web.archive.org/web/20250107052102/https://7news.com.au/news/westpac-to-close-bank-branches-in-victoria-and-nsw--c-13920669 |archive-date=7 January 2025 |access-date=2025-01-07 |website=7NEWS |language=en}}
Branches closed in 2025 are Highpoint and Epping.
References
{{Reflist}}
External links
{{subject bar|auto=y|d=y|portal=Australia|banks}}
{{Banking Industry in Australia}}
{{Westpac}}
Category:Banks established in 2011