Westpac said more St George, BankSA and Bank of Melbourne branches would be “co-located” with its main brand, a move designed to save costs and maintain access.
Westpac Banking Corp will accelerate plans to move St George branches into merged locations with its main brand, as part of a cost-saving initiative that could affect an additional 100 branches over the next 18 months., there are 21 co-locations, including in Dubbo, Lithgow and Port Stephens in NSW.
Westpac also said it would allow any customer of its different brands to conduct banking in the branch of another, something that has not been possible because the different brands have operated on different computer systems, including those used by tellers. But early next year, tellers in any branch will get access to customer account details at any of the brands.Supplied
At a strategy update on Wednesday, analysts including Citi’s Brendan Sproules probed about the impact of the moves on costs. Mr King was not specific but said co-located branches “improve the economics of the branch network, while maintaining the access to the network”. “Together we see these initiatives simplifying the customer experience, increasing access to service as well as helping us with our costs,” he said. When it committed to a co-location, customers could be confident that the group would stay in a particular regional area, he added.
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