Lloyds Banking Group to shutter 60 UK branches
Lloyds Banking Group is set to shutter a further 60 high street branches across the UK in 2022.
The closures are the latest in a long line of UK high street bank branch closures. HSBC, NatWest and RBS, TSB and Santander have all said over the last year dozens of UK branches will be shuttered as footfall drops thanks to the twin forces of Covid-19 and increased digitisation.
“Just like many other high street businesses, fewer customers are choosing to visit our branches,” Lloyds’ group retail director Vim Maru says.
“Our branch network is an important way for us to support our customers, but we need to adapt to the significant growth in customers choosing to do most of their everyday banking online,” Maru adds.
Lloyds claims 18.6 million customers regularly use its online banking portal, with 15 million on its mobile banking app.
It says these trends have increased 12% and 27%, respectively, in the last two years, and says it’s “vital” the bank adapts to this shift in how people use its services.
Of the 60 closures, 24 are Lloyds Bank branches, 19 are Bank of Scotland and 17 are Halifax. All impacted locations will continue to have everyday banking and cash access within one mile, Lloyds says.
The closures are expected to be completed by September, after which Lloyds Banking Group will operate 715 Lloyds Bank branches, 165 Bank of Scotland branches and 536 Halifax branches.
Additionally, Lloyds says all the branches announced for closure have been through LINK’s independent cash access assessments, which ensure that cash access levels are maintained for communities.
LINK has also recommended that three locations — Buckingham, Cottingham and Troon — should get new Banking Hubs, where customers of all main banks can carry out day-to-day banking.