Westpac halts branch closures amid regional banking blitz
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The news: Westpac has extended its moratorium on regional branch closures until 2030 as it looks to roll out a spate of initiatives outside of Australia's capital cities.
The numbers: As part of the announcement, Westpac said it would pilot a visiting bank service to three regional towns in New South Wales – Dungog, Bulahdelah, and Manilla – initially with a view to extend the community banking service in the future. The mobile bankers will deal with general banking inquiries and refer customers to specialist lenders.
Westpac will also spend $65 million to upgrade 50 existing regional branches and spend $1.5 million annually on local events and sponsorships.
The big bank will also launch a graduate program across ten regional centres to fast-track talent in those areas.
What they said: “Personal relationships matter in regional areas, and we understand the value of sitting down across the table with someone who knows your business, your family and your goals,” Westpac chief executive Anthony Miller said. “But we’re not chasing a one-size-fits-all model and we need to get the balance right.
“Approximately 96 per cent of all transactions are now completed digitally, so we need to consider how we can deliver world-class banking services that meet all needs of our customers in the regions – whether that’s physically, digitally or personally.”
The context: The announcement comes just before Miller and the CEOs of Australia's other big four banks face questioning from the House of Representatives Economics Committee this week in Canberra.
Westpac's previous moratorium had been due to expire in mid 2027.
The source: Westpac
