Collapsed Banksia group to close branches

The receivers for collapsed financial group Banksia Securities says most of its branches will be shut with the loss of almost 50 jobs.

Banksia Securities went into receivership after amassing a debt of more than $650 million.

Receivers McGrathNicol has announced 10 of Banksia's branches in Victoria, New South Wales and South Australia will close on Friday with the loss of 47 jobs.

The receivers say all employees will get their full entitlements.

Banksia offices in Kyabram and Melbourne will remain open until investors are paid what they are owed by the company.

The Victorian Government has said it will provide emergency funding for investors.

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