Bendigo Bank will close 10 branches across Australia by late October, ending in-person banking for residents in five regional communities.
Bendigo Bank and Adelaide Bank Limited reported a statutory profit of A$216.8 million for the half year ending in December 2024.
The Finance Sector Union has called the closure a “slap in the face” for those who rely on them.
The union also called for regulatory changes from the federal government to regulate banking as an essential service as recommended by the Senate inquiry into regional banking handed down in 2024.
“While 32 full time equivalent roles are impacted, many more individuals are at risk due to the number of part time staff engaged in these branches,” Finance Sector Union National Secretary Julia Angrisano said.
“It is critical that the federal government step in and protect bank workers and customers, given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first.”
This comes as the Federal Government struck a deal with The Big Four Banks to keep their regional branches until at least 2027 after 36% of bank branches in regional Australia closed since 2017.
The majority of the closures were in the bank's home state of Victoria.
“This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank’s presence in regional Australia,” Angrisano said.
“For a bank which proudly has its regional centre hometown as part of its name, and is fondly known for its community branch network, this decision feels very 'big bank' for all the wrong reasons.
“We’ve written to the local MPs in the regional communities affected by this closure asking them to stand up for these branches, and the workers who staff them.
“The Finance Sector Union has also raised the issue of consumer and worker regulation of banking with new Assistant Treasurer and Minister for Financial Services Daniel Mullino MP.”
