Bank branch expansion continues across Australian industry
25 November 2009
Bank branches have opened across Australia at a steady rate over the last eight years, despite the recent Global Financial Crisis and strong shift towards online banking by many bank customers. According to the Australian Prudential Regulation Authority (APRA) who began surveying eight years ago to record branch numbers growth, bank numbers have been growing continually year after year.
In fact, Australian bank branch numbers have steadily increased their network to 5504 in 2009, which is 715 more branches than when the survey starting in 2001, or a 15 per cent increase. Since the 2008 survey it is an increase of 2 per cent or 106 branches.
According to the Australian Bankers' Association (ABA), Australian bank branch numbers have been increasing at an average of 123 new branches per year with the last five years being particularly strong for the growth of the industry.
Chief Executive of the Australian Banker's Association, David Bell, stated that Australian bank industry had shown resilience during a period where other such markets where retracting, with 120 banks having failed this year alone in the United States, while Australian banks were continuing to expand.
"Despite the effects of the global financial crisis, Australia's strong and stable banks have continued to open branches in areas which are experiencing business and population growth." He said.
"Your ability to access and manage your personal finances makes banking one of the most convenient and accessible services provided in Australia."
"Apart from the branch services, our banks are effectively open 24/7 offering accessibility almost wherever you are through ATMs, telephone and Internet banking. Customers can get cash at midnight, pay bills from the laptop in the lounge room and check balances while on holidays."
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