NatWest Group is set to close an additional six branches next month, as part of its plan to shut down a total of 54 high street banks by the end of this year. The group, which encompasses NatWest, Royal Bank of Scotland, and Ulster Bank, initially announced these closures in January, with all branches expected to cease operations before June. This latest announcement brings the total number of NatWest branch closures to 53, in addition to one closure previously announced.
Last year, NatWest Group closed 48 branches, and in 2023, nearly 20 branches were shut down. The decision to close branches was primarily attributed to the increasing popularity of online banking, with 90% of the group’s 19 million customers primarily utilizing digital banking services. Since 2015, NatWest has closed more than 1,400 bank branches across its network.
NatWest is not alone in reducing its branch network, as several high street lenders have made similar moves in recent years. For instance, Santander recently announced the closure of 95 bank branches, along with plans to reduce operating hours in 36 locations and transition 18 branches into “counter-free banks,” resulting in over 750 job losses.
According to data from the consumer group Which?, banks and building societies have collectively closed 6,100 branches since January 2015, averaging around 53 closures per month. Lloyds Banking Group, comprising Lloyds Bank, Halifax, and Bank of Scotland, has closed over 1,200 sites, while Barclays has reduced its network by over 1,220 branches, the highest among individual chains.
In response to the closures, a spokesperson for NatWest emphasized the increasing trend of digital banking among customers, with over 80% of active current account holders and 97% of retail accounts opened online. The bank also highlighted its significant investment in refreshing its network, with plans to invest over £20 million in its UK branches by 2025 to enhance customer service, branch aesthetics, and environmental sustainability, in addition to supporting shared solutions like the Post Office and Banking Hubs.
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