Ann: Media Release, page-55

Given your lack of knowledge and understanding of banking I'm not overly surprised it seems "fishy" to you.

APT is not a competitor to banks whose core business is residential and business loans. APT doesn't even have a banking and the fact that APT partnered with Westpac suggests they are not interested in applying for a banking licence.

For me that's the right call to avoid the regulatory burden and massive capital and liquidity prudential ratios. If APT offers homeland or business loans in the future it would be white label and they would actually be Westpacs loans, with APT getting a commission. This is just one of my reasons why Westpac would help establish a "future competitor".