ANZACEAN DAY: Bank to halve investment in Australia, according to a report.
The Financial Services Alliance (FSA) has confirmed that the Bank of Australia has decided to cut up to $1 billion from the company’s investment plans in Australia in the coming financial year.
In a statement to the Australian Financial Review, the FSA said the decision is part of a “robust strategic plan to improve financial resilience in Australia”.
It also said that it has a “broad range of options” in place to ensure that the company can provide better financial services to its customers, including through more targeted product and service offerings.
“These include the continued development of more effective banking infrastructure in Australia and the provision of enhanced financial services through our partnerships with major financial institutions, as well as new services that align with the evolving needs of the Australian consumer,” the FSA stated.
The announcement follows a number of high-profile announcements over the past week, including the announcement by Prime Minister Malcolm Turnbull that he would close a number bank branches in the country.