Wealth management group MyState Limited has rebranded its Tasmanian-based banking subsidiary, MyState Financial, to MyState Bank after receiving approval from the Australian Prudential Regulation Authority (APRA).
The name change will simplify MyState’s proposition for customers as it enters new markets, mainly through its expanding mortgage broker and aggregator channel.
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The rebrand will also assist with customer acquisition and retention in addition to expanding the bank’s presence in the national market.
Melos Sulicich, managing director and CEO of MyState Limited, said: "As an authorised deposit-taking institution, MyState has been governed by the same prudential regulations as large banks and continues to adhere to those robust standards.
"Being granted authority from APRA to call MyState a bank not only recognises the strength of the business and its strong governance, but it allows us to be clear about what we are and what we do.
"We needed to make it easier for our mainland broker partners and their customers to understand what we are. Becoming a bank not only allows that to happen but it also helps our customer acquisition and retention efforts in Tasmania," Sulicich added.
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