14 Nov 2012

Banksia branches to close

6:38 am on 14 November 2012

All 10 branches of Banksia Securities in Australia are to close.

Receivers McGrathNicol said on Tuesday said 47 employees at the branches, an administration centre in Kyabram and others at the head office in Melbourne, will lose their jobs.

Eight of the branches are in Victoria and the other two in Adelaide and Albury, NSW. AAP reports all will close on Friday.

Banksia Securities went into receivership on 25 October owing $A660 million to about 3000 investors living mainly in regional Victoria.

McGrathNicol has told investors they can expect a return on their investment, but they are not expected to recover all of their funds.