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Banks’ branches – seven years of growth
Sydney, 13 November, 2008: The number of bank branches has increased for the seventh consecutive year, according to a survey released today by the Australian Prudential Regulation Authority.
Over the past seven years (since the survey began in 2001), banks have increased their branch network to 5398 – a rise of 609 or 13%.
Over the last year, the increase is 134 branches or 2.5% - the second highest increase over the life of the survey.
David Bell, Chief Executive of the ABA, said: “Of particular note, is the strong growth in branches over the past three years. In this period, the number of bank branches has been growing, on average, at a rate close to 150 branches a year, or 438 branches in total.”
“Banks have been opening branches in areas of Australia which have experienced population growth and new business activity. This reflects competition in the banking market across the country.”
Mr Bell said it was also heartening to see branch numbers increase in very remote and remote areas1 of Australia. In the past five years, on average, branch numbers in these areas have seen a stronger growth rate than for the more accessible areas of our country. Future openings would be dependent on market conditions.
For further information:
Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS
[1] ARIA (Accessibility/Remoteness Index of Australia) is a classification of postcodes in Australia in decreasing order of accessibility. Further details on this classification and the interpretation of the categories can be found at Weblink: http://www.health.gov.au/internet/main/publishing.nsf/Content/health-historicpubs-hfsocc-ocpanew14a.htmwhich also provides a map illustrating the concept. |
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