Westpac pushes rural exodus to 2030, three years longer than other Big 4 banks

Core Viewpoint - Westpac (ASX:WBC) has committed to maintaining rural bank branches until 2030, extending its focus on regional towns beyond its competitors in the "Big 4" banks [1][3]. Group 1: Westpac's Commitment - Westpac aims to deliver better outcomes in regional Australia by maintaining a physical presence in these areas, which is seen as crucial for meeting customer needs [3]. - The current requirement for major Australian banks to maintain a presence in rural towns is set until 2027, following a moratorium on closures initiated by Treasurer Jim Chalmers [3]. Group 2: Industry Context - Major banks have been reducing rural branches in recent years, pushing customers towards online banking [2]. - There have been 828 branch closures projected by June 2025, with 121 locations (approximately 19%) closed in outer regional areas over the past five years [4]. - Bendigo and Adelaide Bank (ASX:BEN) has been a significant contributor to branch closures, having trimmed 10 branches and 28 agency locations recently [5].