In a shock move, the Commonwealth Bank is closing all branches of its subsidiary Bankwest, which will become a digital-only financial institution.
The bank’s staff and customers were told on Wednesday that the remaining 60 branches would be closed or converted into Commonwealth Bank branches by October and that 350 affected staff would be moved to other roles.
Only 15 branches, all located in Western Australia country centres, would be converted into Commonwealth Bank centres, while the remaining 45, including 28 in Perth and 17 in regional WA, would be closed.
Five Bankwest branches will close as early as mid-April, while the Commonwealth Bank said it could not guarantee that the 15 branches that have been switched will remain open beyond 2026.
All Bankwest branches are to be closed by its owner, the Commonwealth Bank of Australia