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TSB to close 70 branches as more customers move online

TSB to close 70 branches as more customers move online

The UK's TSB is accelerating its branch closure programme, outling plans to close 70 outlets as more customers move online.

The bank is repotitng a significant decrease in branch use, with the average number of transactions per branch falling since January 2019 and "no prospect" of branch transactions returning to pre-Covid levels.

Recent data from the Financial Conduct Authority (FCA) shows that 267 bank and building society branches were closed permanently between April and June of this year, leaving the overall network 4.5 per cent smaller at 5,599.

TSB says over 90% of customer transactions are now carried out digitally and video banking accounts for over 90% of mortgage appointments.

Two years ago TSB announced plans to shutter a third of its branch network and open a network of pop-up sites in locations like town halls, libraries or community centres.

The bank has already opened pop-up services in 41 communities across the country where it takes longer to get to the nearest branch. A further ten are planned following today's announcement.

At pop-ups, advisors provide face-to-face support, including making payments, providing product information and helping customers get started with digital banking.

TSB’s chief customer officer Robin Bulloch says: “Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future."

Following the latest closures TSB will have a UK-wide network of 220 branches, remaining the seventh largest in the UK.

The company say 150 jobs will be affected by the move, but that all staff will be offered alternative roles.

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