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Speculation Of Westpac Closing Its 19 Branches In New Zealand

There was a rumor spreading that Australian banking giant Westpac Banking Corporation will  close its as many as 19 branches in New Zealand. The decision will come into force in the wake of the online banking and the installation of ATMs which support deposits. The Westpac Banking Corp. said that it want to close the banking branches mostly in the rural areas as they are planning to install deposit-support ATMs in the upcoming 5 years which makes it unnecessary to continue human supported branches. As expected the decision was opposed by the union and the mayor of the city area where they are going to make the closure of the branches. They opposers feel it unfair to close the branches in the rural areas, as the farmers with the bulk deposits need to talk with someone face to face before making the deposit which deposit-support ATMs will not suffice. In the recent past, as many as 5 years, the online banking has seen an increase of almost 60% amid the common masses which make it almost unnecessary to continue those branches. Even if the banking giant has said that it will discuss with the stuff first to take the decision, but still nothing about the closure was made official.

2016/08/16 09:27 PM

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