Commonwealth Bank announces multiple branch closures anew
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The landscape of banking in Australia is changing, and with it, the physical presence of bank branches in Australian communities.
In a move that has left many concerned, the Commonwealth Bank of Australia (CBA) has announced the closure of three more branches across the country.
This decision, according to the bank, is a response to a progressive decline in customer demand at the affected branches.
The branches in Coogee, New South Wales, Coolangatta, Queensland, and Adelaide’s Rundle Mall in South Australia are set to close their doors permanently by March 1.
The CBA has been a cornerstone of Australian banking for over a century, and for many, their local branches have been a familiar and trusted presence.
However, technological advancements and shifting customer behaviours have led to a significant decrease in-branch transactions.
Over the past five years, the bank said transactions at the Rundle Mall branch in Adelaide have dropped by 47 per cent, while the Coogee branch has seen a decrease of 52 per cent, and the Coolangatta branch by 29 per cent.
‘We regularly review our services across Australia to help inform decisions on where to open, renovate or upgrade branches, or in some instances where to close branches,’ the bank stated.
‘After a recent review, we made the difficult decision to permanently close our Rundle Mall Adelaide, Coolangatta and Coogee branches.’
‘Staff will be available to provide one-on-assistance until Friday, March 1, 2024 to help equip and educate customers with alternative banking options,’ they continued.
According to CBA, all but one of the 22 employees currently working across the three soon-to-close branches will be relocated to ‘appropriate, comparable roles suitable to their needs’.
‘We are also supporting the remaining staff member to find potential opportunities,’ they added.
The closure of these branches is not an isolated incident.
Last year, three of the bank’s branches shut down in Sydney, Perth, and Melbourne, resulting in nearly 200 job losses.
Other banks, including NAB and Bankwest, have also announced branch closures this year.
Despite these closures, the Commonwealth Bank has confirmed that it will not close any more regional branches until at least the end of 2026.
The bank has also stated that it invests around $60 million in its branch network each year to upgrade or refurbish existing branches and open new ones where there is customer demand.
In Adelaide, for example, the branch on King William St located 700m away will undergo a $5 million renovation.
According to a report by the Australian Prudential Regulation Authority (APRA), 11 per cent of Australia's branches, a total of 424, vanished during the 12 months up to June 2023.
Out of these, 122 branches, which account for 7 per cent of Australia's total branches, were located in remote and regional areas.
What are your thoughts on these branch closures, members? Have you been affected by a bank branch closure in your area? Share your experiences and thoughts with us in the comments below.
In a move that has left many concerned, the Commonwealth Bank of Australia (CBA) has announced the closure of three more branches across the country.
This decision, according to the bank, is a response to a progressive decline in customer demand at the affected branches.
The branches in Coogee, New South Wales, Coolangatta, Queensland, and Adelaide’s Rundle Mall in South Australia are set to close their doors permanently by March 1.
The CBA has been a cornerstone of Australian banking for over a century, and for many, their local branches have been a familiar and trusted presence.
CBA has announced the closure of three branches. Image source: Google Maps
However, technological advancements and shifting customer behaviours have led to a significant decrease in-branch transactions.
Over the past five years, the bank said transactions at the Rundle Mall branch in Adelaide have dropped by 47 per cent, while the Coogee branch has seen a decrease of 52 per cent, and the Coolangatta branch by 29 per cent.
‘We regularly review our services across Australia to help inform decisions on where to open, renovate or upgrade branches, or in some instances where to close branches,’ the bank stated.
‘After a recent review, we made the difficult decision to permanently close our Rundle Mall Adelaide, Coolangatta and Coogee branches.’
‘Staff will be available to provide one-on-assistance until Friday, March 1, 2024 to help equip and educate customers with alternative banking options,’ they continued.
According to CBA, all but one of the 22 employees currently working across the three soon-to-close branches will be relocated to ‘appropriate, comparable roles suitable to their needs’.
‘We are also supporting the remaining staff member to find potential opportunities,’ they added.
The closure of these branches is not an isolated incident.
Last year, three of the bank’s branches shut down in Sydney, Perth, and Melbourne, resulting in nearly 200 job losses.
Other banks, including NAB and Bankwest, have also announced branch closures this year.
Despite these closures, the Commonwealth Bank has confirmed that it will not close any more regional branches until at least the end of 2026.
The bank has also stated that it invests around $60 million in its branch network each year to upgrade or refurbish existing branches and open new ones where there is customer demand.
In Adelaide, for example, the branch on King William St located 700m away will undergo a $5 million renovation.
According to a report by the Australian Prudential Regulation Authority (APRA), 11 per cent of Australia's branches, a total of 424, vanished during the 12 months up to June 2023.
Out of these, 122 branches, which account for 7 per cent of Australia's total branches, were located in remote and regional areas.
What are your thoughts on these branch closures, members? Have you been affected by a bank branch closure in your area? Share your experiences and thoughts with us in the comments below.
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