27 September 2012 7:01am

ANZ will consolidate its overlapping branch networks in New Zealand over the next two years as the bank retires the National Bank brand it acquired in 2003 as part of the takeover of National Bank of New Zealand.

The bank put the cost of the investment in branch consolidation at NZ$100 million. It has already spent NZ$244 million on adapting the core banking system of National Bank to service the amalgamated offering of the two banks.

ANZ said its branch network will fall to around 280 from the present 300. Around 35 branches will be closed, however 15 new branches are also...