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Bank branch closures top 600 in past year

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  • 13/05/2016
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Bank branch closures top 600 in past year
Banks have shut more than 600 local branches across Britain in the past 12 months, with Royal Bank of Scotland (RBS) contributing the most closures at 166.

Figures obtained by BBC Breakfast covering Lloyds, RBS, HSBC, Santander, Barclays and the Co-operative, showed that footfall has been dwindling as more people opt to conduct banking transactions online.

Five of the top 10 areas losing banks are in Wales, with rural areas in Britain worst affected overall. Commuter towns have also been hit hard, with customers more likely to visit a branch near their work or use telephone or online banking.

After RBS, HSBC has closed 146 branches, followed by Barclays, Santander, Lloyds and Co-op Bank.

Findings published by the Campaign for Community Banking services revealed that 3,000 branches have shut over the last decade, leaving around 8,000.

The BBC‘s figures do not include new openings, but Metro Bank is reported to be the only lender to buck the trend with a significant number of branches opened in recent years compared to other lenders. The bank is expecting to open a further 59 by 2020 in addition to the 41 that it has opened in the last six years.

Current rules set out by the government dictate that banks considering closure must investigate alternative arrangements, as part of a 12-week consultation process.

These rules are currently under review, with recommendations expected to be published later this year.

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