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TSB closes a third of its branches

TSB Bank is closing seven of its branches, a third of its branches throughout New Zealand, citing the move by customers to transacting online.

Tuesday, August 8th 2023, 8:04AM

by Jenny Ruth

The branches to be closed are in Opunake, Eltham, Newmarket and NorthWest in Auckland, Napier, Nelson and Palmerston North.

The closures will leave TSB with a single South Island branch in Christchurch.

“Like all banks, we're seeing more customers choose a bank online rather than in person and, with that, their expectations of digital products and services are quickly evolving,” says acting chief executive Gordon Davidson in a statement.

“The changes we're making to how we operate, which include some changes to our branch network, will enable us to put further investment and focus into developing smarter products to better meet our customers' needs,” Davidson says.

Former chief executive Donna Cooper, who left TSB at the end of last month, had floated the idea of branch closures back in June, citing a rapid decline in branch usage and saying the bank had begun consulting with staff.

Davidson says TSB is working with the people affect to find new opportunities within the bank wherever possible.

“We recognise that any change can be difficult. These decisions have not been made lightly and we're working hard to ensure our people and customers are proactively informed and supported,” he says.

“We have been encouraged by our people's understanding of the need for change as we digitally transform our business to continue delivering easily accessible, intuitive products and services for our customers and achieve our goal to be the easiest bank to deal with.”

Massey University banking professor David Tripe says the closures are understandable and that another bank had told him it has a branch that gets visits from just 39 customers a week, making it uneconomic.

But TSB also has a “significant issue with costs,” with blowouts in regulatory, staffing and IT costs, Tripe says.

TSB's annual report showed operating expenses in the year ended March jumped 39% to $189.3 million with staff costs up 31.7% to $75.4 million, IT costs up 27.7% to $33.3 million and professional and legal fees more than doubling to $15.7 million.

Tags: TSB

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
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Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.29 6.85 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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