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Why are Australian banks doing this?
The Bank of New South Wales (BNZ) is trying to boost the market share of Australian banks, and to do so, is opening up new branches.
Bank of New Zealand, the second largest bank in the world, opened a new branch in Wellington, New Zealand on Thursday, in what it claims is a bid to boost its growth.
This new branch is just the latest move in the Bank of NZ’s efforts to diversify its business.
As well as opening new branches, it has also announced it will sell off some of its assets.
The Bank of Australia’s latest effort to diversified its business comes at a time when the Reserve Bank of Canada is trying something similar with its monetary policy.
RBC is closing the retail banking business that it had started in 2015.
In October 2016, RBC announced that it was closing retail banking, but it said it would continue to operate a retail banking service in the future.
It will be the first bank to shut down its retail banking branch since the financial crisis of 2008.
There are many factors that contributed to the bank’s decision to close its retail bank, which is now called RBC BMO Canada.
Its closing is the result of the financial market’s weakness in the months leading up to the financial crash of 2008, the financial industry’s inability to weather the impact of the downturn, and the decline in the value of the Australian dollar that hit the country in 2014.
Australia’s economy is forecast to grow by 1.7 per cent in 2019, according to the Australian Bureau of Statistics (ABS).
As of March 31, there were just 7,800 RBC branches across Australia, according the Australian Financial Services Association (AFSA).
“We believe that RBC will continue to be the best choice for our Australian customers,” said RBC chairman John Griffiths.
“Our new branch expansion is an opportunity to provide more choice for Australians and help the economy grow.”
Rising demand for financial services The number of Australians buying financial products has grown significantly in recent years, with many Australians now using mobile banking to get finance.
Last year, the number of Australian households using mobile money grew by 11.5 per cent to 4.2 million people, according a survey by The Economist.
Mobile payments account for more than 60 per cent of the $1.9 trillion global total.
However, the trend is not just limited to mobile payments.
Financial services firms are also seeing the rise in demand for their services, with mobile payments growing by 8.7pc in 2017 to $1,988 billion.
Data released by the Financial Services Industry Association (FSA) in March showed that there were 1.3 million more mobile phone transactions in Australia in the third quarter of 2017 than in the second quarter.
But in Australia, the market is not only growing at a rate that is not matched by other countries, but also the growth of mobile banking services.
ABS data shows that the number one factor contributing to the increase in mobile banking transactions was the rise of prepaid debit cards, which account for a fifth of all financial transactions in the country.
Banks are not only increasing their use of mobile payment services, but they are also trying to keep up with the rising demand.
According to the Federal Government’s mobile finance plan, the total value of financial transactions to be handled by the Australian Banking Association by 2020 is expected to be $2.2 trillion, which represents a 10 per cent increase from the $2 trillion value of all transactions in 2020.
At the same time, there are also plans to expand mobile banking across the country, with the Government looking to extend its existing mobile payments service to all Australians by 2021.
More people are using mobile payments than ever before, according it is predicted that by 2021 there will be 5.4 million Australians using mobile financial services.
This will make mobile banking the number two industry for financial transaction volume in Australia.