NAB shuts branches, may open more

National Australia Bank is looking to reduce its national branch network, with at least seven Victorian branches due to be closed this year, various media outlets reported.

One branch in the Melbourne central business district will close this week. Other branches identified for closure include Balnarring, Balwyn North, Blackburn, Mitcham, Mill Park and Mount Martha, most of which are middle class but apparently unprofitable locations for NAB.

The bank confirmed that up to 35 branches Australia-wide could be shut under a current review.

NAB told the Herald Sun it was also planning to open as many as 19 new branches.