BNZ: Regional bank branches won't close for three years

Sunday, 9 June 2019

Motueka residents are shocked to hear plans to close local ANZ bank branch.

BNZ says it will keep its regional branch network open for at least the next three years - but one banking expert says that may just mean the bank has closed all the branches it needs to, for now.

BNZ's chief customer officer Paul Carter said it was focused on being accessible and available to all customers and that was why it was committing to keep all regional branches open until at least 2022.

'Across New Zealand, our branches play an important part in us 'being there' for communities and we will continue to support those that we're established in,' he said.

But he flagged that changes were likely in future to the way New Zealanders bank.

* Shane Jones slams 'Aussie-owned' banks for shutting branches in provincial NZ

* Open banking will put more power in consumers' hands**

BNZ says it'll keep its whole regional branch network open for at least three years.

'The way people bank is constantly evolving and how our customers use our branches has changed significantly. While many day-to-day transactions are now done digitally, we're seeing our customers seeking out our branch teams to help guide them through key moments like buying a new home, setting up KiwiSaver or to help them learn how to use our new digital tools.

'It's important to get the balance right between having a physical presence where customers can get great advice as well as the digital tools that support seamless everyday banking. We are committed to doing both.'

Carter said the bank wanted to help more New Zealanders to be confident using digital services.

Claire Matthews, a banking expert at Massey University, said it was likely that BNZ had closed all the regional branches it needed to at this stage.

'Three years is not actually a long time, and this decision may reflect a desire to focus on other elements of the business.,' she said.

'The decision provides staff in regional branches with some certainty for a period so they can get on with the business rather than being concerned about the future of their branch, and therefore their job security. This may provide some stability in staffing as staff who are concerned about their future may look for other opportunities to avoid the uncertainty and risk.'

She said it could be that the bank was going to review its presence in cities over the next three years instead.

Carter said BNZ would continue to have a 'strong presence' in major metropolitan areas.