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Westpac Banking Group is considering shutting almost 50 of its branches as part of a consolidation strategy spurred on by people bypassing physical sites and opting to bank online.
The nation’s largest bank is proposing closing 40 mostly metro branches across its brands Westpac, St George, Bank of Melbourne and BankSA.
A further eight regional branches are up for “co-location”, where the retail space is shared by two Westpac brands. For example, a Bank of Melbourne and Westpac branch would share the same tenancy space.
Westpac’s decision follows moves by other major players to reduce branch networks due to the take-up of more people banking online or over the phone.
Branches are not the only banking service in decline, with Reserve Bank data showing the number of ATMs in circulation around Australia is also falling.
The Finance Sector Union (FSU) has lashed out at Westpac, saying the decision will cost 165 people their jobs.
It is understood workers will have the option for redeployment or be offered redundancy packages.
FSU national secretary Julia Angrisano said bank branch closures were against Westpac’s commitment to its customers.
“Westpac is deserting its customers and its staff by closing branches to shore up its profits,” Ms Angrisano said.
“This shutdown of so many branches is of major concern to our members and will impact on a large number of staff, banking customers and businesses around Australia.”
Westpac said the decision to close branches was not taken lightly and was a response to the “seismic shift” to digital banking, which has fuelled a major decline in foot traffic in branches, particularly in urban and metro areas.
“We take into consideration customer usage, location and proximity to other banking services,” a Westpac spokeswoman said.
“We are currently in consultation with our people regarding branches in metro areas with low utilisation where there is a nearby branch within five kilometres and where customers are preferring the convenience and increased safety of contactless, cashless and digital channels.”
WESTPAC BRANCHES TO CLOSE
- 114 William St, Melbourne (VIC)
- 242 Castlereagh St, Sydney (NSW)
- Avalon Beach (NSW)
- Belmont (VIC)
- Five Dock (NSW)
- La Trobe University (VIC)
- Mackay North (QLD)
- Monash University (VIC)
- Mount Eliza (VIC)
- Newington (NSW)
- North Melbourne (VIC)
- Seaford Central (VIC)
- Surry Hills (NSW)
- University Hill (VIC)
- Victoria Harbour (VIC)
- Victoria Point (QLD)
- Wanneroo (WA)
- West Perth (WA)
WESTPAC BRANCHES CO-LOCATING WITH OTHER SITES
BANK OF MELBOURNE BRANCHES TO CLOSE
- Balwyn (VIC)
- Berwick (VIC)
- Brunswick Barkly Square (VIC)
- Bundoora (VIC)
- Burwood East (VIC)
- Carnegie (VIC)
- Ferntree Gully (VIC)
- Forest Hill (VIC)
- Hawthorn (VIC)
- Ivanhoe (VIC)
- Karingal Shopping Centre (VIC)
- Mentone (VIC)
- Mildura (VIC)
- Oakleigh (VIC)
- Rowville (VIC)
- Springvale (VIC)
- St Kilda (VIC)
- Toorak (VIC)
- Warrnambool (VIC)
ST GEORGE BANK BRANCHES TO CLOSE
- Budgewoi (NSW)
- Grafton (NSW)
- Kippax Fair (ACT)
BANK SA BRANCHES TO CLOSE
- Churchill Centre (SA)
- Magill (SA)
- North Adelaide (SA)
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