Man armed with knife on the run after incident outside Commonwealth Bank in Bridge Street, Tamworth

Oxley police rushed to the scene on Friday morning outside the old Commonwealth Bank in Bridge Street.

It came after a Triple Zero call shortly before 10.30am to reports of a man with a knife in the street, outside the bank, which is permanently closed.

Police said there was no armed robbery, despite initial unconfirmed reports, but the man was armed.

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The man fled the area, and no one was injured in the incident.

Several police officers and Oxley detectives were deployed to the crime scene and spoke to witnesses, and canvassed the area.

It's not believed to be a random incident, and it's understood the victim knew the offender.

A spokesperson for Oxley police confirmed inquiries were continuing into the whereabouts of the suspect, and they were following a number of leads on Friday.

Investigations continue.