Wednesday, July 5, 2017 - CBA closes 11 branches due to protests

Commonwealth Bank of Australia (CBA)
Source - http://www.theaustralian.com.au/national-affairs/adani-protests-prompt-cba-to-close-11-branches-in-newcastle/news-story/0b54d3db33c469aaccfc7b7c07983ab0
Where - Australia
Business line - Commercial Banking

Commonwealth Bank of Australia has been forced to temporarily close the doors of its Newcastle branches because of “potentially large and disruptive protests.”

Environmental demonstrators protesting against a AU$16bn Adani coal mine project planned in Carmichael, have targeted the bank for its involvement in funding the initiative, which will produce up 60 million tonnes of coal per year if it is agreed.

Eleven of the bank’s branches in total have been closed as a precaution on the advice of New South Wales Police.

“Based on the information provided by NSW Police, we have taken the decision to temporarily close some of our Newcastle branches,’’ the bank said in a statement. “This decision was not taken lightly and we apologise to our customers for any inconvenience this may cause. However, given the potential disruption the protests are expected to cause, we believe it is the right thing to do.’’

The closed branches are Glendale (Stockland), Hamilton, Warners Bay, Charlestown, Wallsend, Mayfield, The Junction, Newcastle, Belmont, Swansea and the University of Newcastle.

A number of Australia’s largest banks have been targeted by environmentalists over their involvement in the project proposed by Indian billionaire Gautam Adani. Westpac bank announced earlier this year that it had chosen not to fund the controversial mine.