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Revealed: The 25 bank branches at risk of closure across Qld

Twenty-five bank branches could eventually close in Queensland when ANZ takes full control of Suncorp Bank, the Financial Sector Union warns. See which branches are at risk.

More than 20 suburbs and towns around Queensland could suffer further bank branch closures following the sale of Suncorp’s banking business to ANZ.

The Finance Sector Union (FSU) said it had identified 25 areas where ANZ and Suncorp branches are co-located “meaning closures would certainly follow any merger.”

FSU Queensland local executive secretary Wendy Streets said the $4.9bn sale could result in the loss of dozens of branches around Queensland as ANZ cuts costs.

“More than 550 bank branches around Australia have closed since January 2020 with the loss of more than 2000 jobs,” said Ms Streets.

“If the ANZ and Suncorp deal goes ahead, the reality facing many of our members in Queensland is that they will be out of a job whether they work at Suncorp or ANZ.”

The proposed acquisition of the Brisbane-based bank – which includes a guarantee from ANZ not to close branches or make major changes to staffing numbers for at least three years – faces regulatory scrutiny from the competition watchdog.

Pedestrians walks past a Suncorp Bank branch in Melbourne.
Pedestrians walks past a Suncorp Bank branch in Melbourne.

Since January 2020, ANZ has closed 30 branches in Queensland and Suncorp has closed 13. Branches at risk of closing include: Morayfield, Kippa-Ring, North Lakes, Chermside, Mitchelton, Indooroopilly, Carindale, Mount Ommaney, North Ipswich, Roma, Dalby, Toowoomba, Springfield, Mount Isa, Innisfail, Mackay, Yaroomba, West Gladstone, Pialba, Gympie, Noosaville, Buddina, Caloundra, Helensvale and Robina.

An ANZ spokesman said the lender is committed to maintaining network and the staff levels for at least three years after the transaction is completed. “That means Suncorp Bank customers will be assured the same great people that serve them today will continue to serve them for the years to come,” the spokesperson said.

“Our investment in Suncorp Bank provides us with a platform to invest and grow in Queensland, one of Australia’s fastest growing economies,” the spokesperson said.

“This investment enables us to combine the strengths of the great Suncorp Bank brand with our scale and additional services, to drive competition and innovation in Queensland.”

Ms Streets said that while job losses may be delayed by a few years following undertakings by the banks, “the reality is that they will always put profits before maintaining branches and staff numbers.” Ms Streets said the big four banks were increasingly attempting to lock out meaningful competition. Suncorp customers were assured last month that there will be no change to their banking despite the Queensland company’s $4.9bn sale to ANZ.

ANZ chief executive Shayne Elliott said that for customers Suncorp would have the same staff, the same branch network and the same name.

ANZ boss Shayne Elliott
ANZ boss Shayne Elliott

Queensland Treasurer Cameron Dick said the state government would scrutinise the deal. Suncorp Bank “is a product of Queensland (and) wouldn’t exist without Queensland,” he said.

“We will be driving a hard bargain to ensure the new entity’s Queensland presence is preserved. Queenslanders deserve nothing less,” Mr Dick said.

The deal is subject to approval from the Treasurer, Jim Chalmers, and the Australian Competition and Consumer Commission.

The deal also may require the state government to amend legislation that currently requires that Suncorp’s head office, alongside its key executives, be located in Queensland.

Ms Streets said the big banks already hold 82 per cent of domestic home loans and the takeover means Queenslanders will lose choice.

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Original URL: https://www.couriermail.com.au/business/qld-business/revealed-scores-of-bank-branches-at-risk-of-closure-across-qld/news-story/4acfaead89ffefedeb16c4e94c38aee7