BANK BACKTRACK

TomParry

JUST two weeks after publicly confirming it would close, Westpac Group has announced it will be postponing the closure of its Sale branch.

The announcement comes following the establishment of aFederal Senate inquiry into bankclosures in regional Australia on Wednesday, February 8.

In astatement delivered on Thursday, February16, aspokesperson for Westpac confirmed that Sale was one of eight Westpac and BankSA branches that would have their closures postponed.

“Westpac looks forward to working with the Senate References Committee Inquiry into regional banking services,” the spokesperson said.

“Westpac will postpone eightregional branch closures that were announcedin February 2023.

“No further decisions on regional closures will be made while we engage with the inquiry.”

Westpac was unable to confirm when the closure would be postponed to; the branch was initially scheduled to close on May 17. Federal Memberfor GippslandDarren Chester indicated his approval of the move in astatement on Friday.

“I certainly welcome the announcement by Westpac, particularlyin relation to the Sale branch which was scheduled for closure, but there’s alot more to be done and all the big four banks (Westpac, Commonwealth, NAB and ANZ) are culpable when it comes to abandoning regional communities,”

Mr Chester said.

“Hopefully this means the banks are going to finally start listening to customers in regional areas and developing solutions which work for them.

“It’s lazy to just shut branches when more innovativesolutions are available, which would mean the customers who need face-to-face bankingservices are treated with respect.”

Westpac’s latest announcement follows that of rival institution Commonwealth Bank (CBA), with aspokesperson delivering asimilar statement on Monday, February 13

“Followingconsideration of arequest from the Senate Committee, CBA will not close any regional branches while the Inquiry is underway in 2023,” the spokesperson said.

“As an additional signofgoodfaith, while the Inquiry is underway in 2023, CBA will postpone the closure of two branches already announced.”

Those branches are located in Junee, New South Wales and Bright, Victoria.

“We continue to welcome constructive engagement with government, industry and communities -anapproach demonstrated by our recent work with all members of theRegional Banking Taskforce,” the spokesperson added.

“CBA looks forward to assisting the Inquiry, and continuing to engage with our customers and communities, as we collectivelyrespond to thedigitisation of theeconomy and banking services.”

In aFacebook postlastMonday, Mr Chester congratulatedCommonwealth Bankfor “makingthe first move”in announcing avoluntary moratorium on branch closures.

ANZ Bank, which has abranchon Raymond Street in Sale, has confirmed that it will also adhere to amoratorium on branch closures while the inquiry is underway.

“ANZ remains committed to engaging constructively with the committee, and will postpone announcing any further closures of regional branches until the conclusionofthe inquiryinDecember this year,” an ANZ spokesperson said.

“We believe that this is important to allow the committee to complete its work.

“Branch closures announced in 2022 and now in the final stages will proceed,givenwebelieve delaying these long-planned closures would be more disruptive to customers and staff.”

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