Santander to Close 140 UK Branches Amid Shift to Digital Banking
23 Gennaio 2019 - 12:13PM
Dow Jones News
By Adam Clark
Banco Santander S.A. (SAN.MC) said Wednesday that it would close
140 U.K. branches in reaction to a fall in the number of customers
using physical banking.
The Spanish bank said 1,270 employees will be affected by the
changes, and it expects to be able to redeploy around a third of
those.
Santander said it will have a British network of 614 branches
following the cuts. It will also invest 55 million pounds ($71.0
million) in refurbishing 100 branches over the next two years.
Santander is the U.K.'s fifth-largest bank.
The move is just the latest in a wave of branch closures by
large banks in the U.K.
Consumer advocacy group Which calculated last year that 2,868
branches had closed between 2015 and 2018--or about 60 a month.
Santander said the number of transactions carried out via its
branches has fallen by 23% over the past three years, while digital
transactions doubled over the same period.
"The way our customers are choosing to bank with us has changed
dramatically in recent years, with more and more customers using
online and mobile channels. As a result, we have had to take some
very difficult decisions over our less visited branches, and those
where we have other branches in close proximity," Susan Allen,
Santander UK's head of retail-and-business banking, said.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
January 23, 2019 05:58 ET (10:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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