A MAJOR UK bank is shutting 38 branches across the UK this July, after signing a deal to snap up a rival.
Last month, the bank closed a total of 23 high street stores, after announcing back in March that 95 sites would shut nationwide by the end of the year.
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Shift To Online Banking
Santander revealed that the reason for the closures is because many customers now prefer to use online banking, thus reducing the need for online services.
A statement on the Santander website reads: “We last did a major review of our branches in 2021.
“Since then, many of our customers are choosing to use Mobile, Online and Telephone Banking more, and branches less.”
A further 14 branches will close in August, with 20 more to close over the coming months.
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Older People Could Be Left Behind
However, the closures have led to fears that older customers, who prefer to do their banking face to face, will be left behind.
Age UK is campaigning for banks to keep some banking services in person, as four million older Brits are unable to manage their finances online.
Caroline Abrahams, charity director at Age UK, said: “Physical spaces – whether a bank or building society branch, Banking Hub, or alternative suitable provision – must continue to exist so people can still carry out face-to-face tasks.
“The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to manage their money and maintain their independence.”
In order to combat this issue, 73 banking hubs have been set up across the UK, with customers from any bank able to use the in-person service.
On Monday, Santander cut the opening hours of 36 of its remaining banks in half, with other branches made “counter-free.”
Santander Acquires TSB
Earlier this week, Santander announced that it had agreed to acquire TSB for £2.65billion.
The deal will add a whopping five million customers to Santander’s existing 14 million.
However, the deal is not yet set in stone, and is still subject to shareholder approval.
There will be no immediate changes, as little is currently known about the deal.
Full List Of Santander Banks Closing In July
- Armagh – Upper English Street
- Bognor Regis – High Street
- Borehamwood – Shenley Road
- Caernarfon – Bridge Street
- Camborne – Trelowarren Street
- Colne – Church Street,
- Colwyn Bay – Penrhyn Road
- Crowborough – High Street
- Cumbernauld – Teviot Walk,
- Manchester – Wilmslow Road
- Exmouth – Rolle Street
- Falmouth – Market Street
- Farnham – The Borough
- Felixstowe – Hamilton Road
- Hawick – High Street
- Herne Bay – Mortimer Street
- Hertford – Maidenhead Street
- London – Holloway Road
- London – Mare Street
- London – Tottenham High Road
- Honiton – High Street
- Kirkby – St.Chads Parade
- Malvern – Worcester Road
- Market Harborough – High Street
- Musselburgh – High Street
- Pudsey – Lidget Hill
- Rawtenstall – Bank Street
- Ross-on-Wye – High Street
- Ruislip – High Street
- Saltcoats – Chapelwell Street
- Seaford – Broad Street
- Shaftesbury – High Street
- St.Austell – Fore Street
- St Neots – Market Square
- Stokesley – High Street
- Strabane – Main Street
- Tenterden – High Street
- Wishaw – Main Street
TSB customers will be notified of any changes well in advance.
Sabadell – which owns TSB – said it would submit the deal to a shareholders meeting on August 6 for its approval as it is subject to the BBVA offer.
Sabadell’s shareholders must approve the TSB sale, as it is tied to BBVA’s ongoing €14billion takeover bid.
If approved, the deal is expected to be completed in the first quarter of 2026.
