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Lloyds Banking Group to close four Scottish branches and mobile services

EditorRachael Rajan
Published 11/30/2023, 10:46 PM
© Reuters.
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Lloyds Banking Group (LON:LLOY) has announced the closure of four Bank of Scotland branches across Scotland, a move that will particularly affect elderly and vulnerable populations who rely on traditional banking services. The closures are part of a broader trend within the banking sector that has seen a total of 623 branch shutdowns this year, with Lloyds trailing only Barclays in the number of closures.

The scheduled closures in Scotland are set to take place throughout the year, with the Glasgow Byres Road branch shutting down on March 21, Tarbert’s Harbour Street location on April 29, Bowmore’s Shore Street outlet on May 8, and Helensburgh’s Shore Road branch on August 15.

In response to concerns about the impact on communities, especially those in rural areas with limited internet access, Lloyds is promoting alternative banking methods. These include video banking services, partnerships with Post Offices, the introduction of Community Bankers (NASDAQ:ESXB), and access to Banking Hubs. The company is also highlighting its digital services, such as mobile apps, online banking, and web chat features.

Lloyds said it is taking steps to mitigate the impact on its workforce by offering staff affected by the branch closures different roles within the company to prevent compulsory redundancies. Despite these efforts, Scottish Conservative leader Douglas Ross criticized the bank for not adequately addressing the service gap left for customers in rural areas.

The banking group, which includes brands such as Halifax, is terminating a total of 45 branches due to decreased patronage. Nationwide is also following suit with a branch closure, signaling a broader downsizing trend in the industry as financial institutions adapt to shifting customer preferences toward digital banking solutions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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