ANZ Rebrands Branches

Leading Australian bank ANZ is planning to rebrand its National Bank branches in an effort to further solidify its standing in the banking industry. Reports say that ANZ has earmarked as much as $NZ100 million for the project.

According to chief executive officer David Hisco, the rebranding efforts would include closure of about 20 branches. The move is to avoid duplication of some branches in rural towns. This also means about 200 employees who are on fixed-term contracts would no longer be renewed.

The ANZ chief said the bank is always looking at ways to increase efficiencies.

The banking industry continues to be a challenging one. Westpac has recently announced that it is expanding its operations in the country by managing several brands like Bank of Melbourne, St. George, and BankSA.

Hisco, however, is unfazed. He said he feels confident with the bank because New Zealand alone has more than four million people. Consolidating its efforts under one brand allows ANZ to become a stronger and better-resourced bank.