Three-year commitment renewed
New Zealand’s five largest banks – ANZ, ASB, BNZ, Kiwibank, and Westpac – have committed to keeping their regional branches open for the next three years.
This decision comes as the regional banking hubs trial concludes.
“Banks understand their importance as part of the fabric of regional New Zealand,” said Roger Beaumont (pictured above), chief executive of the New Zealand Banking Association (NZBA).
Trial reveals insights and future plans
The regional banking hubs trial, which began in September 2019 and ends on July 31, showed community support for regional banking. However, the trial indicated that customer use for multi-bank hubs was lower than many single-brand branches or ATMs.
“NZBA and the participating banks put a huge amount of work into developing the hubs trial. We are proud of what we delivered, and most of the hub network will remain,” Beaumont said.
Commitment to regional stability
For the next three years, the commitment to keep branches open applies to regions outside the council boundaries of Auckland, Hamilton, Tauranga, Wellington, Christchurch, and Dunedin.
This commitment excludes Kiwibank agencies and branches closing due to earthquake strengthening, health and safety, or lease expiry.
Specific hub changes
Two hubs, Stoke and Ōpunake, will not continue after the trial.
The Stoke hub requires a disruptive refurbishment, and the Ōpunake hub will end due to primary usage being limited to the ATM. However, a hubs multi-bank deposit Smart ATM, the most used part of the hubs, will remain in these locations.
Click here for the NZBA media release.
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