New analysis has revealed which of banks have shut the most branches since 2015, with NatWest, HSBC and Lloyds Bank reporting the highest number of closures.
Some 2,868 UK retail branches will have shut up shop by the end of this year, with 879 bank closures during last year, according to Which? Money research. That marked a 40 per cent rise on the 630 closures reported in 2016.
Banks have spoken of changing customer behaviour, with mobile transactions on the rise and a more concerted switch to online banking.
Read more: Lloyds to cut 305 jobs and close 49 branches across the UK
The Royal Bank of Scotland, which owns NatWest, has said that since 2014, the number of customers using its branches across the UK has fallen by 40 per cent, while mobile transactions were up by 73 per cent over the same period.
It says it continues to invest in branches, but is looking at adapting to customer changes and replacing traditional bricks and mortar branches with different ways to bank.
Lloyds meanwhile, has said it continues to invest in its branch network, while also expanding its mobile banking and Post Office services. HSBC has said it has completed its branch restructuring programme and has no current plans to close more.
| Number of closures since 2015 |
|
1. NatWest – 638 |
| 2. HSBC 440 |
| 3. Lloyds Bank – 350 366 |
| 4. Royal Bank of Scotland – 350 |
| 5. Barclays – 243 |
| 6. Santander – 169 |
| 7. Co-Op – 154 |
| 8. Bank of Scotland – 87 |
| 9. TSB – 82 |
| 10. Yorkshire Bank – 74 |
As for regions, Scotland was the worst hit area of the UK, with 368 closures over the four year period, with the South East and South West noting 361 and 327 losses respectively. In London, there have been 288 closures in the same time frame.
Which? Money's Gareth Shaw said: "While the decision is clearly a commercial one for a bank to take it is also crucial that banks recognise the needs of their customers and the communities they serve, before simply shutting their doors – and their customers out."
| Where has been the worst hit by bank closures? |
|
1. Scotland – 368 closures 2. South East – 361 3. North West – 353 4. South West – 327 5. London – 288 6. Yorkshire and the Humber – 252 7. East – 221 8. West Midlands – 208 9. Wales – 200 10. East Midlands – 165 11. North East – 81 12. Northern Ireland – 44 |
Read more: RBS is closing 162 branches resulting in nearly 800 job losses
[contf]
[contfnew]
CityAM
[contfnewc]
[contfnewc]
