Bendigo Bank announced it will shut down 10 branches across three states, leaving five regional communities without any financial services.
The branch closures — six in Victoria, two in Queensland and two in Tasmania — will begin as early as August 1 and are slated to conclude by October 31.
The bank attributed the decision to a review into changing customer preferences, reduced business activity and increased costs.
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Bendigo Bank Chief Executive Richard Fennell said closing down branches was a last resort.
“To preserve what makes our bank unique, we must balance our physical network presence with the need to continue investing in the changing preferences of our 2.7 million customers,” he said.
Bendigo Bank is working with affected staff and exploring opportunities to redeploy them to other parts of the business.
9news.com.au understands there are about 30 staff members impacted by the closures.
Finance Sector Union National Secretary Julia Angrisano has written to Fennell to urge him to reverse the decision as five regional communities — Bannockburn, Korumburra and Yarram in Victoria, Malanda in Queensland and Queenstown in Tasmania — will lose the last of their bank branches.
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“The largest impact from this decision will be felt in the bank’s home state of Victoria with six branches closing including larger regional branches in Geelong and Ballarat, and a suburban branch in South Melbourne,” she said.
“This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank’s presence in regional Australia.
“For a bank which proudly has its regional centre hometown as part of its name, and is fondly known for its community branch network, this decision feels very ‘big bank’ for all the wrong reasons.”
Fennell insisted Bendigo Bank had more branches per customer than any other Australian bank and operated the second-largest regional branch network.
“We are proud of our regional heritage and in order to continue delivering for our customers and communities we must ensure our branches are adequately supported and resourced,” he said.
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