🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Westpac considers closing 19 New Zealand branches as online banking grows -union

Published 12/08/2016, 02:30 pm
© Reuters.  Westpac considers closing 19 New Zealand branches as online banking grows -union
WBC
-

By Charlotte Greenfield

WELLINGTON, Aug 12 (Reuters) - Australia's Westpac Banking Corp WBC.AX WBC.NZ is considering closing 19 branches in New Zealand in response to the increasing use of online banking, First Union, which represents many of the bank's staff, told Reuters on Friday.

Westpac consulted with staff about the closures during meetings at the branches attended by First Union members and representatives, the union said.

The New Zealand subsidiary of the Sydney-headquartered bank declined to confirm whether any closures were being considered.

"A proposal regarding a number of branches is currently with staff for their consideration and feedback," a Westpac spokesman said in an email to Reuters, without elaborating on the proposal or number of branches.

"Customers, as they are around the world, are changing the way they bank and we are continually reviewing how to best meet their evolving needs," the spokesman said in the statement.

Online transactions at Westpac New Zealand have risen more than 60 percent over the past five years.

First Union said branches Westpac was considering closing were mostly in rural areas, though some were in the cities of Christchurch and Palmerston North.

The bank will consult staff over the next two weeks and decide by the end of September, with affected banks closing by October-end, First Union finance organiser Tali Williams said. The union and local mayors would oppose any closures, she said.

"It's very out of the blue," Williams told Reuters. "Local business and farmers who are making very big financial decisions are in these communities and need to make sure they're talking face to face with someone."

The bank has been adding automated services at branches, such as automatic telling machines (ATMs) that accept deposits. It has installed 20 such machines and plans five more this year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.