Commonwealth Bank talks up ‘commitment to branches’ and customers after Bankwest closures
Commonwealth Bank of Australia has talked up its commitment to branches and customers even after a mass network closure at WA’s oldest lender.
CBA has closed all of subsidiary Bankwest’s last 45 metropolitan branches since March and is taking the 119-year-old institution’s regional branches under its own brand as it remakes Bankwest as a digital-only bank.
Yet the sweeping closures didn’t rate a mention in CBA’s prepared addresses to its annual general meeting in Adelaide on Wednesday where chief executive Matt Comyn told shareholders the bank was committed to the wellbeing of the communities in which it operates and was “proud to maintain Australia’s largest branch network, and more than twice as many ATMs as any other bank”.
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By continuing you agree to our Terms and Privacy Policy.While CBA has pledged not to close any more regional branches until at least the end of 2026, its branch numbers fell by 32 to 741 in the 2024 financial year and are down one-quarter over the past five years.
Like its rivals, CBA argues branches are being used less as most of its customers do all their banking via digital channels. Nonetheless, the bank argues, that it will continue to offer choices to those customers who still prefer face-to-face transactions.
Questioned over the Bankwest closures by a shareholder on Wednesday, chair Paul O’Malley would not be drawn into promising to maintain branches in local communities, instead committing that CBA would always “engage” over how it could provide banking services to customers in “a practical manner”.
“We are always assessing in the city and urban areas what our branch coverage is,” he said.
Earlier, Mr Comyn revealed the bank provided hardship assistance, including repayment pauses or deferrals, to 132,000 struggling customers over the past 12 months as the Australian economy continued to absorb the shocks of the past few years.
“With inflation remaining higher for longer than expected, many households and businesses are making real sacrifices to deal with the higher cost of living,” he said.
“However, the domestic economy remains fundamentally sound with several structural advantages that provide optimism for the future.”
More to come.
Originally published as Commonwealth Bank talks up ‘commitment to branches’ and customers after Bankwest closures
