TSB closes a third of its branches

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.