Australia markets closed

    +27.80 (+0.35%)
  • ASX 200

    +26.60 (+0.34%)

    -0.0023 (-0.35%)
  • OIL

    +0.16 (+0.20%)
  • GOLD

    -21.10 (-0.89%)
  • Bitcoin AUD

    -1,284.66 (-1.31%)
  • CMC Crypto 200

    -11.69 (-0.86%)

    -0.0008 (-0.14%)

    -0.0019 (-0.18%)
  • NZX 50

    -89.42 (-0.76%)

    +12.49 (+0.06%)
  • FTSE

    -22.13 (-0.27%)
  • Dow Jones

    +23.02 (+0.06%)
  • DAX

    -48.05 (-0.26%)
  • Hang Seng

    -306.80 (-1.67%)
  • NIKKEI 225

    -36.55 (-0.09%)

Westpac plans to close 48 bank branches

Two men are reflected in a window as they walk past a Westpac bank branch in Sydney, Thursday, Sept. 24, 2020. Westpac, Australia's second-largest bank, agreed to pay a 1.3 billion Australian dollar ($919 million) fine for breaches of anti-money laundering and counterterrorism financing laws, the largest ever civil penalty in Australia, a financial crime regulator said. (AP Photo/Rick Rycroft)
Westpac will close dozens of branches. (AP Photo/Rick Rycroft) (ASSOCIATED PRESS)

Westpac Group is planning to shut down 48 bank branches across Australia in a major branch network restructure.

The closures will include St George, Bank SA and Bank of Melbourne branches, in addition to Westpac branches. Most banks involved will close, although some will co-locate with other bank branches under the same Westpac Group umbrella.

Westpac said the bank was working through the proposed changes with staff, and said of those set to close or co-locate, 21 are already temporarily closed.

"Westpac continues to follow our customers by investing in the ways they are choosing to bank. This follows a seismic shift toward digital and cash-less banking, and declining foot traffic in bank branches, particularly in urban and metropolitan areas," the spokesperson said.


"When we do close a branch, it is not a decision we take lightly. We take into consideration customer usage, location and proximity to other banking services. We are currently in consultation with our people regarding branches in metro areas with low utilisation, where there is a nearby branch within 5 kilometres and where customers are preferring the convenience and increased safety of contactless, cashless and digital channels."

However, Finance Sector Union national secretary Julia Angrisano blasted the move.

“Westpac is deserting its customers and its staff by closing branches to shore up its profits,” Angrisano said.

“Older customers who use bank branch networks will be the most affected by this shutdown.”

She said Westpac and other major banks are using COVID-19 and the associated shift in consumer behaviour as a reason to shut branches.

“This is an outrageous move by a bank which can expect a savage community backlash for this decision,” she said.

“This is nothing more than a grab for profits by Westpac which will allow the bank to save on salaries and rents.”

The FSU said that while Westpac is working to redeploy staff, there will be redundancies across multiple locations.

These are the branches that are closing:

Westpac branches

  • 242 Castlereagh St, Sydney (NSW)

  • Avalon Beach (NSW)

  • Belmont (VIC)

  • Dubbo (NSW) - ‘Co-locating’ to St George Bank in Dubbo

  • Five Dock (NSW)

  • Lithgow (NSW) - ‘Co-locating’ to St George Bank in Lithgow

  • Newington (NSW)

  • La Trobe University (VIC)

  • 114 William St, Melbourne (VIC)

  • Monash University (VIC)

  • University Hill (VIC)

  • Victoria Harbour (VIC)

  • Surry Hills (NSW)

  • Mount Eliza (VIC)

  • North Melbourne (VIC)

  • Seaford Central (VIC)

  • Murray Bridge (SA) - ‘Co-locating’ to Bank of SA in Murray Bridge

  • Port Augusta (SA) - ‘Co-locating’ to Bank of SA in Port Augusta

  • Tanunda (SA) - ‘Co-locating’ to Bank of SA in Tanunda

  • Victoria Point (QLD)

  • Mackay North (QLD) - transitioning all activity to Mackay branch

  • Wanneroo (WA)

  • West Perth (WA)

St George Bank branches

  • Budgewoi (NSW)

  • Grafton (NSW) - ‘Co-locating’ to Westpac in Grafton

  • Kippax Fair (ACT)

Bank of Melbourne branches

  • 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) - closing

  • Mentone (VIC)

  • Mildura (VIC) - ‘Co-locating’ to Westpac Bank in Mildura

  • Oakleigh (VIC)

  • Rowville (VIC)

  • Springvale (VIC)

  • St Kilda (VIC)

  • Toorak (VIC)

  • Warrnambool (VIC) - ‘Co-locating’ to Westpac Bank in Warrnambool

Bank SA branches

  • Churchill Centre (SA)

  • Magill (SA)

  • North Adelaide (SA

It comes as Westpac mulls a major restructure of its New Zealand business, with a demerger potentially on the cards.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.

Image: Yahoo Finance
Image: Yahoo Finance