ANZ guarantees regional bank branches until 2030
Key points
- ANZ commits to keeping regional bank branches open until 2030.
- The share price moved following the regional branch commitment announcement.
- The strategy aims to maintain community banking access during the Suncorp Bank integration.
ANZ Group Holdings (ASX:ANZ) pledged to maintain a branch presence in every community where it or Suncorp currently operates until at least December 2030.
The commitment arrives as the integration of the formerly Queensland-focused Suncorp intensifies while major banks face ongoing scrutiny over regional closures.
"Branches remain an important part of how many people choose to bank, particularly in regional communities," said ANZ CEO Nuno Matos.
The bank stated that up to 19 regional locations with overlapping ANZ and Suncorp branches may be combined starting no earlier than August next year.
Following the announcement, the ANZ share price was up at $40.63.
Westpac and Commonwealth Bank made similar regional branch commitments late last year extending to 2030, while NAB committed to the same until July 2027.
All four major banks face annual Senate hearings next week while ANZ prepares to report its full-year results on Nov. 9.
