Summary
Lloyds Banking Group announced it will close 95 more branches in the UK between this year and 2027. This is part of a trend where banks are shutting down branches due to less in-person banking as more people use online banking apps. Lloyds said it will focus on providing various ways for customers to manage their money even with fewer physical locations.
Key Facts
- Lloyds Banking Group will close 95 more branches, including 53 Lloyds, 31 Halifax, and 11 Bank of Scotland locations.
- These closures will take place from May of this year to March 2027.
- Once all closures are complete, Lloyds will have 610 branches left.
- More than 21 million customers use Lloyds' banking apps as their main banking method.
- Santander also announced the closure of 44 branches recently.
- The movement to close branches corresponds with an increase in online and mobile banking usage.
- Nationwide has committed to keeping its 696 branches open until at least 2030.
- Some new banking hubs have opened, which allow multiple banks to share premises, but these are opening more slowly compared to branch closures.
