Lloyds Banking Group has announced plans to close 53 more branches in 2023, bringing the total number of closures to 144. The closures will affect Lloyds Bank, Halifax and Bank of Scotland branches across the UK.
The bank says that the closures are necessary due to a decline in customer use of branches. In the past five years, the use of branches has fallen by an average of 55%. Lloyds says that its customers are increasingly using digital channels to manage their money, such as online banking and mobile banking.
The closures will affect a total of 62 Lloyds Bank branches, 32 Halifax branches and 17 Bank of Scotland branches. The first closures will take place in September 2023, with the final closures taking place in May 2024.
The news of the closures has been met with disappointment by some customers, who say that they rely on branches for face-to-face banking services. However, Lloyds says that it will provide alternative ways for customers to access their accounts, such as through its mobile app, online banking and the Post Office.
The closures are the latest in a series of branch closures by high street banks. In 2022, a total of 750 bank branches closed in the UK. This is a significant increase from the 350 branch closures that took place in 2021.
The decline in branch use is being driven by a number of factors, including the rise of online banking, the increasing use of mobile phones for banking and the closure of smaller towns and villages.
The closures are having a negative impact on the UK high street. Branches are often anchor tenants in high streets, and their closure can lead to the decline of other businesses in the area.
The government has said that it is concerned about the decline of branches and is working with banks to find ways to keep branches open. However, it is unclear what impact this will have.
In the meantime, customers who are affected by the Lloyds closures should contact the bank to find out how they will be affected.
SOURCE: Newsnreleases.com