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Another of the Major Banks Promises to Freeze Rural Branch Closures to 2030
The bank will keep more than 600 branches open and invest $140 million to improve service as cash use falls, executives said.
- On Thursday, Commonwealth Bank extended its regional banking moratorium by three years, guaranteeing all regional branches will remain open until at least December 2030.
- This decision provides stability for 3,000 Commonwealth Bank of Australia workers and tens of thousands of customers linked to 281 offices in rural areas.
- Commonwealth Bank will also spend $140 million to upgrade branches, while retail bank group head Angus Sullivan maintained a "long-term enduring commitment" to cash despite usage falling to 50 per cent.
- Customers also have access to banking services at 3,300 locations through a partnership with Australia Post remaining in place until 2032.
- CEO Matt Comyn said he could not foresee "any conceivable timeline" where the bank would not support cash, stating regional communities are "central to the Australian economy and our way of life.
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Total News Sources19
Leaning Left5Leaning Right3Center8Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 31%
C 50%
R 19%
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