A major aggregator is concerned Bankwest’s recent fold into CBA’s licence is “not great news for brokers.”
Earlier this month, it was announced Bankwest would operate fully under parent company CBA
Australian Finance Group (AFG
) general manager of sales and operations, Mark Hewitt
, told Australian Broker Online
’s control of Bankwest signaled the loss of another independent.
“In effect we have one less independent lender so this can only lessen competitive tension. From a competition point of view it is not great news for brokers as it means the loss on another independent,” he said.
He did add Bankwest would benefit from coming under CBA
’s licence in terms of its “long term access to CBA
’s credit rating and infrastructure, [which will be] will be a positive for the brand.”