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Westpac Banking Corp (ASX:WBC) wants to become the country's biggest lender to business, as competition heats up for corporate and SME customers.
The push is the latest sign that banks are betting on a rebound in business borrowing in 2014 despite the mining boom tapering off.
Westpac's head of retail and business banking, Jason Yetton told media the bank aimed to become the country's number one business bank by 2017, with an eye to small business customers in particular.
As part of the move, Westpac is recruiting more small business bankers, and earlier this year appointed its first senior executive to manage the sector.
Westpac is also spending millions on technology upgrades, including smartphone applications aimed at small business owners.
Westpac reported net profit of $6.89 billion in the 2013 financial year.
News: Westpac targets business
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