Suncorp Australia to close 20 branches as bank prepares to slash jobs

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Suncorp will shut down 20 branches around Australia as part of a major overhaul of the bank.

The closures include nine Queensland branches and another nine in New South Wales in response to the coronavirus pandemic and growing trend towards online banking. 

The banking giant announced on Wednesday over the counter transactions by customers have declined by almost 25 per cent in the 2019-20 financial year and plummeted 60 per cent in the last four years. 

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Banking giant Suncorp will close 20 branches across Australia on top of job cuts

Most Suncorp branches across Australia remain temporarily closed due to the ongoing coronavirus pandemic. 

Branches to be closed include Beenleigh, Burpengary, Elanora, Hamilton, Sherwood, Stafford, Victoria Point, West End and Biloela in Queensland, the Courier Mail reported.

Five Suncorp branches will permanently close their doors in Sydney, including Eastgardens, Haymarket, Newtown, Neutral Bay and Rouse Hill.

Regional NSW closures include Erina, Albury, Port Macquarie and Ballina.

Two Melbourne branches in Richmond and Knox will also close.

The five soon-to-be closed branches that have remained open during the pandemic will shut in the next two months.

Customers affected by the branch closures will be contacted in the coming days. 

In most cases, the nearest in-person alternative store or Australia Post outlet will be within 500 metres or no further than several kilometres.

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Suncorp says over the counter transactions have dropped 60 per cent in the last four years

The closures follow reports earlier this week Suncorp plans to slash up to 10 per cent of its staff as part of the bank restructure.

The number of job cuts hasn’t been confirmed by the bank, which is Queensland’s biggest company.

But the bank says affected staff will be able to apply for contact centre roles they can perform in their local communities.

The banking giant said the demand for digital banking had accelerated sharply as a result of the pandemic.

Two-thirds of new accounts are now opened online.

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Over the counter transactions have seen 60 per cent drop in the last four years due to growing demand for online banking (stock image)

‘Suncorp is committed to serving our customers how they want be served – many have shown us they love using the Suncorp app or talking to us on the phone,’ executive general manager Chris Fleming said in a statement on Wednesday.

‘More and more customers have switched to digital banking in 2020, and we expect they will still want to bank digitally beyond COVID-19 and face-to-face transactions will fall further.’

‘We can only be a genuine choice over the major banks if we focus on customer needs and keep our bank strong.’

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