Commonwealth Bank to Pause Regional Branch Closures, but Says Customers Going Online Fast

A Senate inquiry is examining the impact 600 bank closures in regional communities have had since 2017.

People queue for ATM machines outside a branch of the Commonwealth Bank in Melbourne on August 8, 2018. - Australia's biggest bank, the Commonwealth, posted a slide in annual profits on August 8, capping a tumultuous year for a troubled lender which has been rocked by scandals and board upheaval. (Photo by William WEST / AFP) Photo by WILLIAM WEST/AFP via Getty Images

A Senate inquiry is examining the impact 600 bank closures in regional communities have had since 2017.

The Commonwealth Bank’s CEO Matt Comyn spoke at the inquiry on Sept. 20 saying Australia’s largest bank allocates $1 billion annually to maintain its physical branches, an expenditure that could become challenging as digital banking gains traction.