Own AMP shares? CEO touts its ‘digital bank’ status in competitive landscape

man using laptop happy at rising share priceman using laptop happy at rising share price

AMP Ltd (ASX: AMP) has highlighted its digital advantage in a recent presentation to investors.

AMP shares fell 1.46% today to trade at $1.01. For perspective, the S&P/ASX 200 Financials Index (ASX: XFJ) finished 0.01% in the red today.

Let’s take a look at what the company’s CEO is plugging today.

What is AMP saying?

AMP CEO Alexis George has touted the company’s digital presence in an Allan Gray Live investing webinar.

Speaking to investors on Tuesday, George said AMP has a plan to “launch a digital mortgage next week”.

She said:

We will launch a digital mortgage next week. Now yes, we used to partner and that’s brave.

But we did that in less than 100 days from concept to getting the fourth customer and that is what I want our bank to be — more agile, respond to what’s going on, and be brave about putting new initiatives out there.

George highlighted the company’s digital presence, saying “we are a digital bank, you know, we don’t have branches, we are a digital bank”. She said:

Are we mignon, yeah. We’re one point something percent market share of of mortgages, but we’re digital. We have a brand we have a consumer presence. And I think they’re really important.

In recent news, Mirvac Group (ASX: MGR) has taken control of the AMP Capital Wholesale Office Fund (AWOF). Investors voted to appoint Mirvac as the trustee of the $7.7 billion office fund.

This fund is made up of 11 major assets in Sydney and Melbourne, including Collins Place, Melbourne and the Quay Quarter, Sydney.

Mirvac is expected to take over in as the investment manager and property manager of these assets in October.

AMP share price snapshot

AMP shares have lost 6% in a year, while they have jumped 3% in the past month.

For comparison, the ASX 200 Financials Index is up 28% in the past year and 29% year to date.

AMP has a market capitalisation of nearly $3.3 billion based on the current share price.

The post Own AMP shares? CEO touts its ‘digital bank’ status in competitive landscape appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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