Westpac is extending its moratorium on regional branch closures until at least 2027 while it strengthens regional banking services.
“Westpac has been in Australia for over 207 years. We know regional communities play a critical role in Australia’s economy, and we want to make sure we are there to support them,” said Jason Yetton, Westpac Chief Executive, Consumer.
“We’ve heard the feedback from customers about the impact of branch closures in the bush and understand they face many challenges such as limited internet connectivity and increased travel times to their nearest branch.
“Thats why we’ll be investing more than $150 million in our branch network over the next two years. This commitment will support more than 2.2 million customers and 1,000 employees who live and work in 182 regional areas and means we continue to give customers who prefer to do their banking in branch access to face to face service for their banking needs and cash transactions.
“With many regional areas being thriving business and job hubs, this also benefits our small and agri business customers who have built strong relationships with our bankers who live and work in the area, and understand the local business landscape.
“At the same time, we’ll work with our partners and local governments to improve regional services and the connection between our branches and local communities. We’ll also look to invest in services where there is a growing customer need, including increasing business bankers,” said Mr Yetton.
Westpac’s partnership with Australia Post is critical to regional Australia and its service network. With 96 per cent of Westpac customers living within 20kms of a Bank@Post, this partnership provides cash services to 1,800 communities in rural and regional areas.
“We’re investing more than $200 million over 10 years in our partnership with Australia Post. This allows customers to perform the majority of cash and cheque transactions at a Bank@Post,” said Mr Yetton.
“Bank@Post remains an important part of how we deliver banking services to regional areas, so we’re continuing to work with Australia Post to bolster these services for customers and small businesses.”
Westpac will continue its co-location program, which brings two brands and customer service teams together under one roof. These co-located branches allow Westpac to invest and stay in communities.
“Our co-locations have been well received by customers in 100 locations nationally, including 39 in regional areas such as Dubbo, Toowoomba and Port Augusta. We are continuing to look for opportunities to deliver an additional 40 co-locations across Australia, bringing the total number of co-located branches to 140 by 2027,” said Mr Yetton.
“Our customers also have the choice and convenience of visiting any of our branches to make cash transactions, regardless of whether they bank with Westpac, St.George, BankSA or Bank of Melbourne. This means customers can visit the closest branch to where they live or work. Over 115,000 customers have benefited from this technology since it was rolled out in September 2023.”
