Shame on Westpac

Statement on Westpac Closing its Branches including Waikanae Branch by Cr K Gurunathan

August 23

I will be outside the Westpac branch in Waikanae with my placard to protest the closing

Of this branch. I will be there this Friday at 1pm. It will be in solidarity with citizens' protests in other townships where the Bank is also intent on closing branches. Join me!

I call on the public, especially Waikanae residents, to join me to let the Bank know we are not happy with this unilateral action which disregards their loyal customers.
Its a bit rich for Aussie bank Westpac to close its Waikanae branch when in the last financial year they made a profit of $916 million which was 6% up from the previous year's profits.

The level of profits they are making clearly contrasts with the treatment there are giving to the type of communities which depended on the bank's branches. All 19 branches they had looked at closing around the country, like Waikanae, are communities with a high number of elderly and beneficiaries on fixed income. Its another example of corporations not interested in their social obligations, especially to seniors who have been loyal customers.

One reason the bank is giving is that there are not enough sale opportunities including the sale of products like life insurance!

Waikanae, which was voted the best little town in NZ recently, is poised for growth with the huge Maypole subdivision and the expected stimulation once the Kapiti expressway and Transmission Gully projects are completed. While I realise its a commercial world and companies are entitled to make profits for its wealthy shareholders we have a right to point out that its not only a dumb decision but fails to uphold the principle of social contract with its communities.

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