Lloyds Banking Group to close 60 branches as customers continue to bank online

24 Mar 2022

The Scotsman

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Lloyds Banking Group to close 60 branches as customers continue to bank online

Lloyds Banking Group has said it plans to shut 60 branches across the country, adding to recent closures as customers choose to sort their finances online.

The company will be closing a number of Lloyds, Halifax and Bank of Scotland branches (Photo: JUSTIN TALLIS/AFP via Getty Images)

Lloyds Banking Group has said it plans to shut 60 branches across the country, adding to recent closures as customers choose to sort their finances online.

The lending giant said it would close 24 Lloyds branches, as well as 19 Bank of Scotland and 17 Halifax sites.

This is what you need to know.

Why are banks being closed?

A number of different banks have announced large numbers of closures as a result of the growing numbers of customers who have moved to online and mobile banking.

Lloyds Banking Group has said that it has seen a 27% rise in the use of its mobile banking app over the last two years, and a 12% rise in regular users of its online banking system.

Now 18.6 million people regularly bank online and 15 million use the mobile app.

The business’s Group Retail Director Vim Maru said: “Just like many other high street businesses, fewer customers are choosing to visit our branches.

“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.”

The branches are thought to employ 124 people, but the company has said it would try to find affected staff new roles within the business.

What has the union said about the closures?

Unite, the union representing staff at Lloyds Banking Group (LBG), has said that local communities will “have their heart ripped out” following the announcement of the closures.

Caren Evans, National Officer for Unite, said: “Lloyds Banking Group must not be allowed to abandon 60 more local communities where bank branches play an essential role.

“The 124 employees who work tirelessly in their communities are dedicated to serving the banking needs of the most vulnerable who depend on their skilled services.

“When a bank branch closes, the heart of the local community is ripped out and the results are devastating. Unite is clear that simply leaving an ATM in place of a vibrant bank branch is wholly insufficient.

“The banking sector needs to answer some serious questions about its corporate social responsibilities and the Government cannot stand back and allow the relentless closure of banks to continue until no more local banking services remain.”

What branches are closing - and when?

This is the full list of bank branches that will be closing their doors this year and the dates that they will be shut.

Bank of Scotland