Bank of Queensland to Close 16 Branches Across Australia in February
The Bank of Queensland (BOQ) has shocked its customers with the announcement of 16 branch closures scheduled for February. These closures will impact locations across Queensland, New South Wales, Western Australia, and Victoria. Union representatives have strongly criticized the decision, calling it “truly despicable,” highlighting the negative impact on local communities.
BOQ confirmed that between February 7 and 27, 14 branches would be shut down in Queensland, NSW, Victoria, and WA. This is in addition to two closures already confirmed for the same month. Affected areas include major urban centers such as Caloundra, Carindale, Elanora, Sherwood, Springwood, Toowong, Logan Central, Bella Vista, Newtown, Rockdale, Moonee Ponds, Richmond, Docklands, Hampton, and Werribee. In WA, the branch in Applecross will close its doors, adding to the growing list of closures.
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The bank explained that these closures are part of its ongoing efforts to “simplify operations” and cater to the increasing demand for digital banking services. According to a spokesperson for BOQ, the decision was not taken lightly. They assured that most affected employees would transition to other roles within the organization. They also emphasized that the bank would continue offering services through digital channels and Bank@Post services.
However, the Finance Sector Union (FSU) has voiced strong objections, accusing the bank of abandoning local communities in favor of corporate profits. FSU National Assistant Secretary Jason Hall criticized BOQ for disregarding the needs of Australians who rely on physical bank branches for essential services. He expressed his belief that these closures were a betrayal, particularly for those in regional and rural areas who depend on the convenience of a nearby bank.
This move by BOQ follows a broader trend in the Australian banking sector, where many financial institutions are scaling back their branch networks to prioritize digital banking. According to recent reports, over 2,000 bank branches have closed across the country since 2017, with rural and regional areas suffering the most from these cuts. The public response has been largely negative, with many expressing their frustration over the diminished access to in-person banking services.
As these closures loom, customers of BOQ and other banks are left to navigate the growing shift toward digital-only services, a trend that many feel leaves them disconnected from the personal banking experiences they once valued. The backlash against these closures underscores the growing tension between the need for corporate efficiency and the desire to preserve local banking services.
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