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NatWest Group announces more branch closures for 2024

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NatWest Group announces more branch closures for 2024 By Proactive Investors

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Published Nov 23, 2023 11:38
Updated Nov 23, 2023 12:10

© Reuters. NatWest Group announces more branch closures for 2024

Proactive Investors – NatWest Group PLC (LON:NWG) has announced another 19 branch closures scheduled for 2024 as part of an ongoing paring down of physical bank counters.

The majority of closures will happen in England, with one in Wales and one Royal Bank of Scotland (LON:NWG) branch in Glasgow.

A NatWest spokesperson said: “As with many industries, most of our customers are shifting to mobile and online banking, because it’s faster and easier for people to manage their financial lives.

“We understand and recognise that digital solutions aren’t right for everyone or every situation, and that when we close branches we have to make sure that no one is left behind.

“We take our responsibility seriously to support the people who face challenges in moving online, so we are investing to provide them with support and alternatives that work for them.”

In this week’s Autumn statement, Jeremy Hunt said the government (which became the majority shareholder following a post-financial crisis bailout) would look to sell off NatWest shares still owned by the state by 2026.

Hunt said he would look at a retail offer for the shares as an option “in the next 12 months, subject to supportive market conditions and achieving value for money”.

Since 2015, NatWest Group has closed 1,329 branches – the most of any other banking group, according to Which? data.

Lloyds Banking Group (LON:LLOY), made up of Lloyds Bank, Halifax and Bank of Scotland, has shut down a total of 1,050 sites in the same period.

Nationwide remains the most extensive network, with 605 branches and a commitment to maintain a presence in all its locations until at least 2026.

Read more on Proactive Investors UK

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NatWest Group announces more branch closures for 2024

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