Commonwealth Bank is ramping up its fight with Macquarie, unveiling plans to target the $20 billion pool of deposits that real estate agents hold on behalf of renters.
It is a niche largely dominated by Macquarie, but one that CBA wants to expand as part of a more aggressive approach to winning more business deposits and becoming the country’s biggest business bank by both deposits and lending.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
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
Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
