Bank Of Queensland To Close 16 Branches Nationwide, Impacting 900,000 Customers

The Bank of Queensland (BOQ) has announced the closure of 16 branches across Australia in February, impacting around 900,000 customers.

The bank revealed on Monday that 14 branches will close between Feb. 7 and 27 in Queensland, Western Australia, New South Wales, and Victoria, in addition to the two closures already scheduled for next month, News.com reported.

The branch closures will be spread across the country, with one in Western Australia, three in New South Wales, five in Victoria, and seven in Queensland.

In its announcement, BOQ stated that the closures were part of its ongoing strategy to transition customers to "digital channels" and encourage the use of Bank@Post services, reported The Nightly.

"We are focused on supporting our people throughout this process and are pleased that most team members will transition to new roles across our network," according to a BoQ statement.

However, BoQ's explanation was met with rejection, as the public expressed their dismay. One person on X remarked, "14 bank branches closed. And Labor has done nothing to make protecting rural branches a priority."

14 bank branches closed. And Labor has done nothing to make protecting rural branches a priority despite the findings presented to the gormanless Assistant Treasurer Stephen Jones EIGHT months ago.

The Finance Sector Union has taken aim at Bank of Queensland, warning the...
— Kate🦋M© (@Kate3015) January 20, 2025

The Finance Sector Union called the move a "truly despicable" decision.

"Australians rely on local bank branches and no amount of corporate spin from banks can deny that fact," Finance Sector Union National Assistant Secretary Jason Hall said. "The greedy actions of the Bank of Queensland are reprehensible, but sadly not surprising."

According to the University of Western Australia, over 2,000 bank branches have shut down since 2017, with many closures affecting rural communities.

The latest announcement follows BOQ's closure of its Geraldton branch in Western Australia last week, bringing the total number of branch shutdowns to nine since 2023.

In August, the bank revealed plans to cut up to 400 jobs across its retail operations, marketing, and human resources departments, as part of an effort to digitize its operations.

The BoQ branches that are closing:

Western Australia