Low foot traffic, online banking cited as reason for CBD bank branch closure
Bendigo Bank has announced it will permanently close a city centre branch as part of a $1. 2 million plan to upgrade sites across the city. Subscribe now for unlimited access. or signup to continue readingEOFY. . .
Bendigo Bank has announced it will permanently close a city centre branch as part of a $1. 2 million plan to upgrade sites across the city. Subscribe now for unlimited access. or signup to continue readingEOFY SAVE 50%All articles from our website& appThe digital version ofToday'sPaperCrosswords, Sudoku and TriviaAll otherin your areaThe Bendigo Central branch in Bath Lane will close on August 14, with low foot traffic, a more popular local branch and high rates ofonline bankingdriving the decision, the bank said. This bank branch faces closure as Bendigo Bank rethinks arrangements. Picture by Ben LoughranThe bank said it would spend $500,000 to refurbish its Mitchell Street branch, which would temporarily close from July 3, before opening as a consolidated CBD branch on July 27. A spokesperson for Bendigo Bank said affected customers could continue face-to-face banking at the Mitchell Street branch. "The decision to consolidate the Bendigo Central and Mitchell Street branches has been driven by the evolving needs of our customers who are choosing to Bank with us in ways that are convenient to them," they said. The bank outlined that about 21 per cent of the customers who use the central branch only visited the location once in the last year. Further, about 28 per cent of the central branch customers used another branch to bank. Only 5 per cent of its central branch customers used the physical location as their only form of banking. Affected staff could be redeployedOn potential job impacts, Bendigo Bank said it would support employees through "this period of change". "Including exploring opportunities for redeployment for those impacted within the bank, where possible," the spokesperson said. It did not comment on the number of staff who would be impacted by the closure. "Bendigo Bank protects the privacy of its people and does not comment on specific cases. "The spokesperson said the bank reviews all parts of the organisation regularly including its branch network. No further branch closures are forecast for the Bendigo region at this time. A sign for the soon-to-close Bendigo Bank branch. Picture by Ben Loughran'Strong presence in the region'Despite the closure, the organisation said it still poured in funding around Bendigo including into sporting, business and community groups. "Bendigo Bank's investment in the community through partnerships including Benefit Bendigo, BE. Bendigo, Bendigo Spirit and Bendigo Pride Festival is set to exceed $250,000 in FY26 [financial year]," the spokesperson said. The bank said it was committed to the Bendigo region and had signed a new 10-year lease to maintain its Bendigo headquarters. "We are proud to be the only ASX 200-listed company headquartered in a regional city," Chief Customer Officer Adam Rowse said. The changes come after the bank announced "strategic partnerships" in April, which the Finance Sector Union warned would cut80 local jobsin Bendigo. Information sessionAn information session will be held at 5pm on June 29 at the Bendigo centre reception in Bath Lane for customers wishing to discuss the closure more in depth. As it happensBreaking news alertBe the first to know when news breaks.