Major Bank Promises Not to Close Anymore Regional Branches Until 2027
Westpac, one of Australia’s leading banks, has made a significant commitment to supporting regional communities. In response to concerns about the closure of regional bank branches, Westpac has announced that it will not shut down any more branches in these areas until at least 2027. This decision comes amidst a trend where other banks, such as Macquarie Bank and BankWest, have transitioned to online-only operations.
On May 1st, Westpac declared its extension of the moratorium on regional bank closures, citing feedback from customers regarding challenges like internet connectivity issues and increased travel times to nearby branches. A spokesperson emphasized Westpac’s long-standing presence in Australia, spanning over two centuries, and highlighted the crucial role of regional communities in the country’s economy.
To bolster its commitment, Westpac has earmarked over $150 million for investment in its branch network over the next two years. This investment will benefit more than 1,000 employees and 2.2 million customers residing and working across 182 regional areas. The spokesperson emphasized the importance of these regional branches in supporting small businesses and agricultural enterprises, as local bankers understand the unique dynamics of the area’s business landscape.
Furthermore, Westpac has forged a partnership with Australia Post, ensuring access to banking services in 1,800 regional communities. This partnership involves a substantial $200 million investment over the next decade, demonstrating Westpac’s dedication to providing financial services to regional Australia.
