National Australia Bank (NAB), one of Australia’s ‘Big Four’ banks, has committed to continue to maintain its regional branch network.
The bank has announced that it will not close any more branches at least until January 2021. Currently, NAB has 316 branches in regional rural Australia, employing around 1,600 people.
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NAB acting chief executive Phil Chronican told media sources that the move is an extension of a recent decision of not to shut down any branch in drought-affected regions.
Chronican was quoted as saying: “We also know that regional and rural Australia is undergoing significant change – and impacts like bank branch closures are difficult for communities.
“The local NAB branch and the bankers we employ can play a key role in supporting communities and customers through change, and this decision provides certainty that we will continue to be there for them.”
The decision was also welcomed by the Finance Sector Union of Australia, the trade union representing financial workers.
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By GlobalDataHowever, NAB will move forward with the already announced closure of two regional branches. The location of the two branches was not disclosed.
The NAB decision to retain the rural branch network comes at a time when most of the banks are trimming their bricks-and-mortar presence.
Since 2017, 434 remote and rural bank branches closed across Australia, The Sydney Morning Herald reported citing Financial Services Union figures.
NAB also closed more than 50 branches in the 18 months to March last year.
Last month, Westpac announced its plans to close 22 branches across the country with continued surge in digital banking.
