Suncorp to shut 19 branches amid store shakeup
BANKING giant Suncorp is closing 19 branches around Australia amid a major revamp of over-the-counter services.
The closures include nine branches in Queensland and comes amid increasing migration of banking services online, a trend that has been accelerated by the COVID-19 shutdown.
The Queensland branches to be closed include Beenleigh, Burpengary, Elanora, Hamilton, Sherwood, Stafford, Victoria Point, West End and Biloela.
Making the announced Wednesday Suncorp said over-the-counter transactions had declined by almost one-quarter between June 2019 to June 2020. The closures, which represent about 16 per cent of its network, will leave the bank with 93 stores around the nation.
Suncorp, whose chief executive is Steve Johnston, said there was a long-term industry wide decline in branch usage, with OTC transactions down 60 per cent since July 2016. Two-thirds of deposit accounts are now opened online.