Open a bank branch

Open a bank branch

Part A

Introduction

Victoria offers a great opportunity for companies to open a bank branch, especially in lower parts of Victoria. The population of the city is inceasing more than 1.5% and there are a number of people migrating to Victoria that makes the place very attractive for the company. Morover, the more the immigration, the higher the needs of the banking services. The population of the city increased to 5.64 million in 2001, when the population increased to 1.5% over the last year. A total of 10,900 people migrated to the city, showing the influx of foreigners. The city also witnessed an increase in ful time adult ordinary time earnings to $1312.40, an increase of 5.8%. The figures show that the city offers great prospects for the company to open a bank branch in the lower part of Victoria.

Discussion

Population

When it comes to the population of Australian States, Victoria comes at the top of the list. In June 2011, the total population of the city was around 5.62 million people, which had increased from 84,200 people since June 2010.The growth of 1.5% of population was slightly higher than the overall national growth in population that is 1.4%. This shows a great potential and a strong case for opening a bank branch in lower parts of Victoria. The population is increasing and the projected population is also similar to the historical trend. The increase in population and influx of foreigners in the city, would definitely increase the demand of banking services in the region, and it would increase banking transactions. Since, housing development plan is also initiated; it is very possible that the increased population significantly increase the demand of banking services in the region. The people may opt for bank loans, in order to build and get a house for their livings.

The outer suburban fringes of Melbourne SD, witnessed the largest growth in the whole region of Victoria. Among all the Victorian LGAs, Wyndham located in the south-west of Melbourne's city centre, had the largest population growth. Wyndham also had the largest annual growth rate of population among all the LGAs in the country (Moyer, 2012).

In June 2011, according to the statistics disseminated by the officials stated that the population density was 25 people per square kilometer, which is the second highest in Australia after Canberra. It shows the potential of the bank account in a particular area. It is also very possible that the residents of nearby area also come in a particular area for banking services as there is a lack of banking services in the region.

According to the report of Department of Planning and Community Development, Victoria's expected population is projected to increase to 8.7 million over the 40 years, an increase of 3.2 million. The increase in population would be most influenced by the influx of immigrants.

This population change is calculated on the basis of following formula:

Change in population size = births - deaths + ...