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AMP Bank is picking the Pearls

Australian financial services giant AMP is setting up a bank in the UK which will target customers of its subsidiary Pearl Assurance.

Pearl customers will be able to choose from a range of deposit, savings loans and mortgage products.

The products will initially be sold through Pearl&#39s 1,700- strong salesforce and 100 mortgage consultants, either inthe home or workplace.

The bank will eventually be rolled out to the other companies in the group in the UK – NPI and Henderson.

It is aiming to attract “significant numbers” of Pearl&#39s three million-plus customers. The target customers will have several Pearl products and have been a client for more than 10 years.

One of AMP Bank&#39s priorities is to expand Pearl&#39s existing direct access deposit facility. The facility, offered through the Bank of Scotland, is for customers who want to put policy payouts directly on deposit. Pearl pays out almost £3m to customers every working day in policy proceeds and claims.

AMP Bank opened in Australia in 1998. The UK bank marks the return of AMP to the UK market under its own name since it acquired Pearl in 1989.

AMP Bank general manager Brian Howells says: “The launch is in line with AMP&#39s strategy to extend its range of services to deliver increased value for customers and shareholders.

“This means more than three million Pearl customers can have the benefits of a banking service through a company they already know for savings and protection.”

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