CommBank opens new Darwin branch and business centre

A Big Four bank has just opened a new branch and business centre in Darwin, and pledged no branch closures until 2026. Read who it is.

Commonwealth Bank, Australia’s largest, has opened a new, dedicated facility in Darwin’s CBD to unify its retail branch and business banking centres.

Located at 69 Smith Street in what used to be the old ANZ Bank building, CBA has invested more than $5m developing the 825sq m facility to support the NT’s agribusiness and commercial industries as well as delivering retailing services.

Trading began at the new centre on Monday with punters attracted to the sight of tellers serving customers behind a counter - a trend some of the big four banks have phased out in recent years.

CommBank general manager, regional and agribusiness banking NT Kerry McGowan and Marlon Saunders, executive manager, regional and Agribusiness Banking Northern Territory

Kerry McGowan, Commonwealth’s general manager for Regional and Agribusiness Banking in Queensland and the NT, said the purpose of the consolidation was to provide all aspects of the bank’s services under one roof.

“We’ve pretty well got everything we need here to provide the specialist advice,” he said. “Here in the branch we have home loan specialists, tellers, transactional banking specialists. In the business centre there are business banking executives that look after the portfolios of business clients right through the Northern Territory, as well as our agribanking and our transactional banking specialist.”

The bank with the largest branch network in the country, Commonwealth has pledged no further branch closures until 2026, quarantining its existing branches in Darwin, Palmerston, Katherine and Alice Springs into the recent future.

Mr McGowan said the bank had reported strong business growth over recent years, which contradicts industry perceptions of the economy’s dependency on Defence and budget estimates that put anticipated average annual state final demand at a sluggish one per cent.

Kerry McGowan, and Marlon Saunders with Darwin branch manager Daniel Pastore and regional general manager, customer service network NT

“Darwin is a very diversified market which goes back to the fact it’s a regional hub so you’re going to expect to do everything here,” Mr McGowan said.

“Other significant cities in Australia like Cairns and Townsville had periods of low property growth and now they’ve seen growth. Part of that has been the movement from cities to regional areas that has been quite significant.

“With significant investment in Darwin and the Northern Territory there’s potential to see that shift continue and ultimately, where people go, is what will drive demand.

He also shared an optimistic view of property growth and expressed CBA’s support for the Government’s measures that look to improve access to housing for Australians that help them achieve their property ownership ambitions.

“We’re seeing a lot of buyers from interstate chasing strong yields with properties both on a commercial and a residential basis here in Darwin,” he said.

“Talking to real estate agents a large number of properties sold sight unseen to investors down south is a product of high rents here.

”If you look forward with significant government investment, defence investment and resources investment the supply of housing will be a critical factor here in Darwin and, as an organisation, CBA is keen to play a part to ensure we develop enough residential stock and commercial facilities to cater for that potential uptake.

“We’re starting to see some movement in that with apartments being constructed and I think we’ll need them particularly if we see population growth in the years to come.”

Originally published as CommBank opens new Darwin branch and business centre