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Lloyds Banking shuts another 45 branches as high street cull continues

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Lloyds Banking shuts another 45 branches as high street cull continues By Proactive Investors

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Published Nov 30, 2023 12:12
Updated Nov 30, 2023 13:11

© Reuters. Lloyds Banking shuts another 45 branches as high street cull continues

Proactive Investors – Lloyds Banking Group (LON:LLOY) has confirmed the closure of a further 45 branches taking the total already shut or earmarked to shutter over the next twelve months to 276.

Of the closures, 22 will be Halifax branches, nineteen are Lloyds outlets and four at Bank of Scotland.

All the big high street banks have been axing premises in recent years blaming the rise of online banking and the costs of maintaining a presence in bricks and mortar.

NatWest (LON:NWG) recently announced nineteen closures across its brands and the Lloyds announcement will make it 623 branches in total that banks have shut this year.

Lloyds has been the most aggressive closer across its three brands followed by Barclays (LON:BARC) which has shut 185, NatWest 116, Virgin Money (LON:VMUK) 40 and TSB nine.

Lobby groups for the elderly and bank unions have slammed the closures, saying they discriminate against the most vulnerable groups, many of whom don’t have access to online facilities and can no longer get access to bank services.

Lloyds said most of the branch closures announced today would occur in March and April next year, with some closing in August and the rest in November.

Read more on Proactive Investors UK

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Lloyds Banking shuts another 45 branches as high street cull continues

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