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Announcement

Announcement

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Friday 4th October 2019

Bank of Sydney Announcement

Today, we are announcing a pivot in our long-term business strategy to provide our community with greater financial resources and the same high-quality customer service you’ve come to expect from Bank of Sydney. We are taking action by increasing efficiency and growing our presence and contact positions across multiple locations.

As part of this restructure, we will be consolidating our Chullora branch in Sydney and our Brunswick branch in Melbourne on 4 November 2019. Both branches are in very close proximity to our Bankstown and Northcote branches, respectively, and this decision has been made to refine our branch network through expanding our presence in locations more convenient to you through our SMART branch strategy. Not only will this allow us to manage resources better, but it will also provide an outlet for us to focus more on our digital expansion to offer you more ways to bank with us.

“The Bank of Sydney family has had a remarkable 2019 so far, and these changes reflect our commitment to creating better banking opportunities and contact points for our customers,” says Miltos Michaelas, CEO, Bank of Sydney.

“The consolidation of both branches will pave the way for improved services, at more locations through our SMART branch roll-out. This SMART branch expansion is part of our long-term strategic review to better serve our community, with the ultimate goal of bringing our high-quality services and products closer to you.”                                                                        

We understand this may cause disruption for our Chullora and Brunswick customers in the short term, for which we apologise. However, we have already witnessed great success with our Smart branch strategy over the last 3 years, and we intend to expand these services, so we are closer to our customers. Our goal is to meet you where it makes sense for you – so watch out for a Bank of Sydney Smart branch arriving at a location near you!

Our strategy will now place a stronger focus on adapting to the new digital age. We are committed to strengthening our digital capabilities so that you are able to enjoy the Bank of Sydney experience no matter where you are – in one of our branches, at one of our Smart branches, or on your smartphone, tablet or personal computer.

2019 has so far been another year of transformation for Bank of Sydney, capped off with our acquisition of a new headquarters at 62 Pitt Street, Sydney CBD. This will also house our flagship branch. Progress on Bank of Sydney HQ is progressing very well so far, and its doors will be open to customers from the second half of 2020.

Please rest assured that we have taken all necessary steps to ensure the impact on our Chullora and Brunswick customers will be minimal. Chullora branch accounts will be transferred to our Bankstown branch, while Brunswick branch accounts will be transferred to our Northcotebranch. For both consolidations, our friendly teams from Sydney and Melbourne are ready to serve you, noting that all BSB and Account Number/s will remain the same.

If you have any further questions about this announcement, please do not hesitate to contact us on 1300 BANKING.

Thank you again for your continued support as we move into a new chapter of our financial offering. We look forward to assisting you with your future plans and your everyday banking needs.

Miltos Michaelas

Chief Executive Officer