Notes totalling A$500 million for a securitisation of prime residential mortgages originated by the Australian Central Credit Union are currently being marketed. Fitch and Stnadard & Poor's have assigned expected ratings to the transaction, termed the Light Trust No. 6, which consists of residential mortgage-backed floating-rate notes backed by first-ranking Australian residential mortgages originated by Australian Central Credit Union, trading as People's Choice Credit Union. The top 3 tiers are rated AAA, and account for approximately $485 million of notes. Banks have trimmed the number of branches in the past year, and further closures are expected as customers embrace digital banking and lenders try to cut costs, the SMH reported. However, the industry is resisting the type of sweeping branch closures that angered customers in previous cost-cutting drives, with lenders instead trying to transform branches into outlets for selling more elaborate financial services. Westpac, ANZ Bank and National Australia Bank all reduced the number of branches in the past year, figures published on Wednesday by the Australian Prudential Regulation Authority show.