Australia’s Big Four banks have agreed to keep their regional branches open until at least 2027, under a new deal struck with the federal government.
Commonwealth Bank has announced that it has held off from implementing the shutdown of its regional banking network as it assures that its regional branches will remain open until at least 31 July 2027.
“Our focus is on supporting our customers in regional and remote communities into the future,” CBA said in its statement. “We’re actively and directly communicating with community leaders across Australia so we can serve and support our regional retail and business customers with their banking needs, as well as help familiarise communities with the full range of banking services available to them.”
WestPac, NAB, and ANZ have also agreed in principle to hold off the closure of their regional branches until July 2027 as well, with other banks looking to follow suit.
The agreements were seen as a move to benefit those in rural and regional Australia who still need to do face-to-face banking transactions. It comes as many banks been transitioning towards digital banking and online payments amid the overall decline of face-to-face transactions.
The Australian Small Business and Family Ombudsman in the past has criticised bank closures, saying that these activities have negatively impacted small rural and regional businesses who still rely on their services.
