AMP says it will launch a business bank early next year targeting start-ups, sole traders and other small companies as it attempts to expand beyond lower-margin mortgage lending.
The wealth manager – which also operates the country’s 12th-largest lender with $23 billion of mortgages – announced plans to create an app-based digital bank for small businesses last November.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
