Yahoo Finance Westpac slammed over bank closures: 'Disgraceful'
The major bank will close 20 branches across regional and suburban communities.
Westpac has been accused of “turning its back” on customers, after announcing it will shut 20 branches across Queensland, Victoria, New South Wales and South Australia.
Half of the branches will be in regional and rural areas, including Ingham and Cloncurry in Queensland, Sale and Robinvale in Victoria, and Kingston SE in South Australia.
It comes one week after a senate inquiry into regional bank closures was announced, following the closure of more than 80 branches since September last year.
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Finance Sector Union national secretary Julia Angrisano slammed Westpac’s latest announcement and said the major bank was abandoning its customers, businesses and staff, despite reporting a nearly $5.7 billion profit last year.
“Westpac is brazenly closing branches month after month as a means of propping up profits and bonuses for senior executives," Angrisano said.
Cloncurry Shire Council said bank closures would force thousands of residents to drive hundreds of kilometres to access face-to-face banking.
“It is disgraceful that big business - who our community have supported for decades - has turned its back on us,” it said in an open letter to Westpac.
“The role that personal, face-to-face banking plays for our region cannot be underestimated – in times of drought, flood, fire and indeed all rural crises, it’s the local bank manager who becomes a lifeline, a face and a voice to be relied on.”
Meanwhile, Commonwealth Bank has announced it will pause regional branch closures while the senate inquiry is underway. It will also postpone the closure of two branches already announced, including Junee in regional New South Wales.
Which banks are closing?
Westpac will be closing 20 branches across the country. In Queensland, affected branches include Kin Kora, Milton, Gatton, Cloncurry, Ingham and Tully. In Victoria, branches include Brandon Park, Robinvale, Sale and Denmark. While in New South Wales, Sydney branches in Newtown and Potts Point will be closed.
Westpac subsidiaries Bank of Melbourne and Bank SA will also shutter branches. In Victoria, Bank of Melbourne’s Casey, Chirnside Park, Moonee Ponds, Melton Woodgrove, South Melbourne, Malvern and Waurn Ponds branches will close. In South Australia, Bank SA’s Kingston SE branch will shut.
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