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Westpac (ASX:WBC) has pledged to keep as many rural bank branches open as possible through to 2030, a stance that would see it keeping regional towns in focus a full three years longer than its “Big 4” competitors.
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Major banks have been slashing rural branches over the last few years, with the aim being to push regional customers towards online banking options.
“We want to deliver a better outcome in regional Australia,” Westpac chief Anthony Miller said. “It is clear to us that having some physical presence and staying is a really important part of how we win and deliver what people want.”
Each major Australian bank already has to keep a presence in rural towns until 2027, after Treasurer Jim Chalmers declared they had a “responsibility” and locked in a moratorium on closures that will run until mid-2027. Westpac’s dedication only really represents a three-year extension on that requirement.
Something’s more than nothing, though, and Chalmers agrees. Today, he said, “Westpac’s announcement reflects the kinds of commitments we want to see.”
The Treasurer added he wants to see other major banks “follow the Westpac lead.” Whether that eventuates remains to be seen; there’s already been as many as 828 branch closures to June 2025, with another 121 locations (around 19%) shuttered in “outer regional areas” across the last five years.
Bendigo and Adelaide Bank (ASX:BEN) has been a major leader in the closures, mainly due to the fact it wasn’t included in Chalmers’ moratorium. It’s trimmed 10 branches and another 28 agency locations recently.
WBC will open at $39.03/sh. It’s down -0.9% in indicative trades.
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