Gearing to expand its niche and establish a multi-brand strategy this year, Westpac Banking Corporation has announced plans to revive the Bank of Melbourne in Victoria and spending some $90 million for this undertaking.

Westpac said on Thursday it would relaunch the Bank of Melbourne brand in Victoria, targeting to build 100 branches over the next five years, as well as setting up 300 automatic teller machines.

Before the end of this year, the bank will open 14 new branches including outlets in Fitzroy, Richmond, Carnegie, and in Melbourne CBD. Moreover, St George Bank branches in Victoria will be converted to the Bank of Melbourne brand.

"Our customers and the market have told us that they want a local bank, one that is really engaged in the local communities in which it operates," Bank of Melbourne chief executive Scott Tanner said in a statement on Thursday.

Westpac said the Bank of Melbourne would have its own management team and call centre, thus creating some 800 new jobs in the state of Victoria.

Westpac bought the old Bank of Melbourne, which was listed separately, in 1997.

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