You are here: Home - News -

RBS announces further branch closures from January

by: Paloma Kubiak
  • 06/09/2018
  • 0
A total of 54 Royal Bank of Scotland branches in England and Wales are set to close in January 2019, the lender has confirmed.

The bank closures are expected to result in around 258 roles being made redundant, and comes after majority taxpayer-owned RBS announced 162 branches were earmarked for closure from this summer.

RBS said the decision was taken as it looks to reintegrate Royal Bank of Scotland back into the core RBS bank now that the divestment of the business is no longer taking place.

Branches were due to be divested and launched as a separate ‘challenger bank’, under the brand name, Williams & Glyn.

It also cited the changing nature of how customers bank as a reason behind the closures. Since 2014, branch transactions across RBS in England and Wales are down 30%. During the same period, there has been a 53% increase in the number of customers using mobile banking and mobile transactions have increased by 74%.

The lender, 62% owned by the taxpayer, added that the vast majority of impacted RBS branches in England and Wales are in close proximity to either another RBS or NatWest branch.

‘Difficult decision’

An RBS spokesperson, said: “As we are no longer launching Williams & Glyn as a challenger bank we now have two branch networks operating in close proximity to each other in England and Wales – NatWest and Royal Bank of Scotland.

“As a result we have reviewed our overall branch footprint in England and Wales and have made the difficult decision to close 54 Royal Bank of Scotland branches. Customers of Royal Bank of Scotland in England and Wales will be able to use NatWest branches and local post offices for their everyday banking needs.

“We will now focus on investing in our Royal Bank network in England and Wales to make sure customers have a consistent range of products and services wherever they bank, be it Scotland, England or Wales.”

RBS added that “the size and shape of its branch network across NatWest and RBS will be stable until at least 2020”.

‘Another blow to RBS customers’

Gareth Shaw, Which? Money expert, said: “This is another blow to RBS customers who have already endured a spate of branch closures and will bring the total number of closures or planned closures across all banks to more than 700 this year.

“Our analysis has revealed that more than 60 branches a month are shutting their doors, potentially leaving customers struggling to access vital financial services. It’s crucial banks consult with customers to ensure their needs are met before simply shutting their doors.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Knowledge Bank Nicola Firth
Brokers: ‘Bank of Mum and Dad’ most searched resi mortgage term in August

Bank of Mum and Dad featured as the most popular criteria searched by brokers in August within the residential sector,...

Close