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Source: Reuters -
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Westpac will hire 100 new business bankers over the next two financial years to work closely with small businesses to help them get through the recession.
Westpac business banking general manager Ian Blair says 50 local business managers will be hired this year, and 50 next year.
"Those local business managers will be located in branches around the country to get closer to customers," he says.
Blair says their presence in branches rather than call centres will help the bank better understand businesses' needs.
He says the bank will be able to help those businesses who are struggling, and those who see the economic downturn as a time of opportunity.
However, the initiative may not sooth businesses who want banks to lower their business lending rates.
On Wednesday, a parliamentary select committee voted not to investigate banks who are largely seen as not passing on full cuts to the official cash rate, currently at a record low of 2.5%.
The decision outraged the Labour party and the bankers' union Finsec who say homeowners and businesses are paying too much for their mortgages and business loans.
However, Blair says lending rates have come down significantly over time and the bank is focusing on its local manager initiative as well as its Recession Busters business package.
The package, due to be launched next week, will offer $100 to business customers not satisfied after chatting with the bank
He says this demonstrates the bank's intent to help businesses
during tough times.
