Banks Continue to Branch Out

Despite fears that brick-and-mortar banks would die because of online banking, it appears that the banking industry is defying the odds.

According to latest data, Australia’s banks have, in fact, opened 65 additional branches. This development makes it the industry’s biggest expansion in the last three years.

Westpac, Commonwealth Bank and National Australia Bank are indeed expanding. The only big bank to be left out is ANZ as it closed about 16 branches in the year to June 30.

This also makes ANZ the only big bank to close branches. According to a spokesman from ANZ, the company is conducting a review on its branch footprint.

The spokesman added that the branches it closed were merged with bigger branches.

Westpac remains the largest branch network in Australia with about 1,270 outlets. Its branches increased 13 percent in the last year.

Westpac is also growing faster than Commonwealth Bank. Commonwealth Bank increased its branches by seven only. Its total is now at 1,168.

National Australia Bank opened two more with a total of 748.

Small lenders also appear to make headway. According to the Australia Prudential Regulation Authority (APRA), Adelaide Bank, Bendigo, Rural Bank, and Bank of Queensland have also opened new branches all over the country.

According to the APRA, Victoria is where most of the new branches are located. Other areas included Australian Capital Territory, New South Wales, the Northern Territory and Tasmania.