WESTPAC will convert some of its existing branches to franchise operations, using the purchase of RAMS’ network of 92 home loan centeres operated by 53 franchisees to flesh out its plans.
Chief executive David Morgan said franchising was an emerging trend in financial services, and the bank had already deployed the model in its advisory dealership Magnitude – part of the BT wealth management operations.
Dr Morgan said Westpac would move quickly in the first quarter of next year to bring RAMS into the Westpac umbrella and then consider options for its own network.
He said it was not possible to say how long it would take before the first branch was converted.
“But with this (acquisition), it will happen a lot quicker,” he told The Australian.
Modeling » Branches May Switch To Franchise Model on October 3rd, 2007 at 1:44 pm
[...] unknown wrote an interesting post today onHere’s a quick excerptChief executive David Morgan said franchising was an emerging trend in financial services, and the bank had already deployed the model in its advisory dealership Magnitude – part of the BT wealth management operations. … [...]