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Australian banks cut nearly 300 branches in year ended June 30


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Australian banks cut nearly 300 branches in year ended June 30

Led by Australia's four major banks, the country's lenders closed nearly 300 branches and more than 1,000 ATMs in total in the 12 months ended June 30, according to data published by the Australian Prudential Regulation Authority on Oct. 23.

The number of branches in operation across the country were 5,314 as of June 30, down from 5,609 branches in June 2018 and 5,816 branches in June 2017. The number of ATMs also dropped to 11,560 from 12,639 in June 2018, the data show.

Australia & New Zealand Banking Group Ltd., Commonwealth Bank of Australia, Westpac Banking Corp. and National Australia Bank Ltd. closed 211 branches in the aggregate in 2018, The Australian reported, citing APRA's data. The four banks have closed 754 branches since 2014, or a 19% drop in the five-year period that brought their branch network to 3,202.

Westpac has been the most active Australian lender in closing branches, cutting 334 since 2014. ANZ cut 191 branches in the last five years, while CBA closed 133 branches. NAB has closed 96 branches during the period, according to the report.