AMP chair Mike Hirst
AMP will take until early 2025 to roll out AMP Bank’s new digital small business proposition.
AMP said in November it will collaborate with Engine by Starling, the software-as-a-service subsidiary of UK digital bank Starling Bank, to develop the division.
At the AMP annual meeting on Friday, the CEO Alexis George said: “small business deposits in Australia are significant, with around 3.5 million SMEs expected to enter the market in the next 10 years.”
“The opportunity for AMP is material, even with only a small market share.”
On its core mortgage business, George said “we took the decision to moderate the loan book growth in the near term.
“In the current conditions we do not anticipate a major change from this strategy.”