Two banks prepare to exit downtown

Downtown Brandon is about to lose two of its major bank branches.

The Royal Bank of Canada branch at 740 Rosser Ave. is set to close by mid-October, when it will be consolidated with the existing RBC branch at 661 18th St.

BMO would not say when its branch at 1000 Rosser Ave. will move to a new location at 1650 Park Ave., but construction is underway at the site and a sign says, “We’re coming soon.”

RBC’s regional vice-president for Manitoba West, Tracey Schofield, said the bank looks forward to welcoming its main branch clients and employees to the 18th Street and Van Horne Avenue location on Oct. 16.

“Our branch network continually evolves as we seek to serve our clients where and how they wish to conduct their banking,” Schofield told the Sun. “In some circumstances, this may involve combining branches, relocating certain branches or opening new ones.”

Schofield said decisions to combine branches are made after assessing how best to serve clients in specific markets.

Over the years, as consumer banking habits have evolved, she said, RBC has been broadening its client service to be a blend of online and mobile channels, branches and mobile expert advisers, depending on the needs of the clients and markets it serves.

“In addition to mobile banking, online and telephone banking and our ATMs in the community, clients will continue to be served by mobile experts,” Schofield said.

“Financial planners, investment and retirement planners, mortgage specialists, commercial bankers and small business advisers will meet with them where most convenient, such as at their homes, at the office or at our nearby branch at 18th and Van Horne.”

RBC also plans upgrades to its 18th Street location to accommodate the change, while maintaining its community involvement through sponsorships, donations and employee volunteer work, she said.

“We recognize that this change means different things to different people,” Schofield said. “We are working closely with our clients to identify tailored solutions that meet their needs.”

The RBC branch consolidation comes at the same time that BMO is preparing to move its downtown branch on Rosser Avenue to a new location.

Details about the timeline and reasons for the move remain unclear, as Jeff Roman, a representative for BMO, did not respond to the Sun’s requests for comment.

When visited by a Sun reporter, the branch manager said he was not authorized to speak to the media.

The bank did not confirm the new location at 1650 Park Ave., the former site of Kam Lung Asian Cuisine.

Brandon Downtown Development Corporation (BDDC) executive director Emmanuel Ahaneku said it is still too early to determine the full impact of the bank departures on downtown.

“I think it’s hard to gauge the impact at the moment,” he said.

Ahaneku said while branch departures can raise concerns, the broader impact will depend on what happens next in terms of redevelopment and tenancy.

“We also have some prospects in terms of development of The Town Centre,” he said, as well as “inquiries already received regarding the Bank of Montreal location.”

He said the BDDC is working with property owners, the city and business partners to attract new investment and ensure vacant spaces are reoccupied.

“Our focus is to ensure we have adequate replacement for these properties that will be left vacant,” he said. “We are also being very strategic in terms of future tenants or owners.”

Ahaneku said there are expectations of activity in the coming years that could help offset the impact of the departures.

“There are broader challenges facing the downtown, including security, sanitation and homelessness, which continue to require co-ordinated attention,” he said.

“Every day, what we do at BDDC is work with the city, the chamber and businesses to keep attracting development.”

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