Bankwest to shut Subiaco branch

Bankwest will close its Subiaco branch after more than 60 years in business in what is another blow to the bank’s branches across the county.

Digital preferences, alternative banking services and the transition of its business customers to parent company Commonwealth Bank were all cited as reasons for closing the Subiaco branch, on Rokeby Road, on July 20.

In a statement today, Bankwest said it would retain employees affected by the Subiaco branch closure.

The news follows Bankwest’s announcement in February last year it would be transitioning its business customers to Commonwealth Bank.  

Business customers accounted for 90 per cent of the most frequent transactions at the Subiaco branch in the last quarter, according to Bankwest.

However, in-branch transactions at Subiaco declined 15 per cent over the past year, and the transition to CBA is expected to accelerate the decline.

The Subiaco branch averages just 14 retail in-branch transactions per day.

“We’re proud of the impact Bankwest had had in the area, having been a part of the Subiaco community for 60 years, and supporting businesses and residents in creating the flourishing centre it has become,” Bankwest general manager personal banking Scott Spittles said.

“However, as the face of Subiaco continues to evolve, so too does the way our customers prefer to do their banking, as we continue to see a decline in branch use that is contrasted by the rapid uptake of digital options.

“The volume of business customer transactions at Subiaco also means the decline at that branch in particular will significantly accelerate over the next year, while retail customers continue to increasingly use alternative service.”

Bankwest said its Subiaco customers could make use of the Bank@Post initiative at the Australia Post office in the area, which allowed people to access basic banking services.

In September, Bankwest announced plans to close 14 of its east coast branches and reduce opening hours at 29 regional branches in Western Australia.

The Commonwealth Bank subsidiary said the opening hours at most of its regional branches would move to between two and four days per week.

Its branches in Geraldton, Kalgoorlie, Albany and Bunbury will remain open five days per week.