High avenue financial institution reveals 55 branches to close – is YOURs on the listing?
A major bank has announced it will close another 55 branches in the latest blow to Britain’s high streets.
Lloyds Banking Group will shut branches from its Halifax, Bank of Scotland and Lloyds brands.
The closures will see 32 Halifax, 19 Lloyds and four Bank of Scotland locations close their doors for the final time next year.
The latest closures mean more than 270 branches run by the group will close this year and the next – 128 at Lloyds, 119 Halifax and 45 Bank of Scotland locations.
The majority of the closures will take place in England, but there will also be losses in Wales and Scotland, The Sun reports.
Lloyds Banking Group is set to close 55 branches across its brands next year in another blow to Britain’s high streets. Pictured: A Lloyds branch in Reading
Halifax is among the brands affected, with 32 of its branches closing their doors for good. Pictured: A file image of a Halifax branch
Lloyds Banking Group said that staff working at these branches will be offered a role at another branch or in another part of the business.
It added that all locations have alternative options for accessing cash nearby, such as a Post Office or free to use ATM.
A spokesperson said: ‘Mobile banking is more popular than ever, with over 19.5 million customers choosing our app to manage, maximise and understand more about their money.
‘Alongside our app, customers can bank online, over the phone, at a Banking Hub, a Post Office or by speaking to one of our Community Bankers.’
It is the latest in a long line of bank departures from Britain’s high streets, which have seen thousands of branches leave in recent years.
Bosses have claimed that fewer people are using in-person services at branches, with the pivot to online banking, particularly among younger customers, the main reason.
Other big name banks, including Barclays, NatWest, TSB and Santander have also cut their branch numbers.
Earlier this year it was revealed that the number of branches that have closed their doors in the last nine years has surged past 6,000.
A survey by consumer group Which? found that more than 60 per cent of the UK’s branch network has closed since it began tracking the phenomenon in 2015.
It suggested that by the end of this year 33 parliamentary constituencies won’t have a single bank branch.
While the rate of closures had initially appeared to slow down since it reached a peak in 2017, researchers said in May that in ‘recent years there has been a troubling surge’.
Bank bosses have been accused of ‘engaging in a race to close branches’ after the Government announced plans in 2020 for laws to protect access to cash, which could make it harder to close a branch if alternative cash provision is lacking.
Since 2015 Barclays has closed 1,216 branches; while NatWest Group, which comprises NatWest, Royal Bank of Scotland and Ulster Bank, has closed 1,360 branches, Which? said.
At the time Lloyds Banking Group, had shut 1,146 sites, but this number is set to rise further following today’s announcement.
A spokesperson for trade association UK Finance said at the time: ‘An ever-increasing number of people are using telephone, mobile and internet banking and fewer people are visiting bank branches on a regular basis.
‘Balancing this change in the way we bank means firms have to make difficult decisions about maintaining their branches.
‘The industry has invested heavily in alternative services, including thousands of post offices where people can do a lot of their day-to-day banking.
‘Alongside this, the industry is working to roll out shared banking hubs to bring together different firms to support their customers.
‘There is also significant ongoing investment to ensure access to cash, including free ATMs and cashback without purchase. If you are concerned about your local bank branch closing, please contact them and they will help you find the best alternative for your needs.’
