ANZ puts branches up for sale

The bank says the decision to change from owner-occupier to tenant reflects its focus on banking as its core business rather than on property ownership.

ANZ's chief operating officer, Colin MacDonald, says the properties will be sold with a six-year lease in place and the company will have the option of renewing the lease after six years.

"The bank now leases approximately 70% of its branches. Where possible, we now prefer to lease premises to meet the needs and locations of our customers, rather than invest directly in bricks and mortar."

Values are expected to range from around $100,000 to over $2 million in locations from Kaitaia in the north to Dunedin in the south.

The properties will be auctioned next month.

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