The increase in salaries is primarily due to new branch openings, additions to staff in the back office, higher stock-based compensation expense and normal annual salary adjustments.
The benefits of this approach can already be seen through a significantly enhanced digital offering, a programme of new flagship branch openings and refurbishments.
During 2008 and 2009, several of the existing banks went on an accelerated branch expansion either through mergers and acquisitions or through new branch openings.