Lloyds to cut 15 Bank of Scotland branches amid UK bank closures
Lloyds Banking Group will be closing 56 more branches across the UK this year, with 15 Bank of Scotland branches to close in Scotland.
The banking group will close 31 Lloyds branches, 10 Halifax and 15 Bank of Scotland outlets between April and October.
The group has blamed changing customer behaviour and reduced bank usage for the closures.
The group is due to close the following Bank of Scotland Branches:
- Edinburgh Dairy Road
- Edinburgh Greenside
- Edinburgh Liberton
- Edinburgh Tollcross
- Tullos, Aberdeen
A large proportion of banks have been cutting the number of physical stores in their networks, arguing that customers are turning to online and mobile banking leading to a reduced need for physical stores.
A survey conducted by Which? in September 2019, revealed that one-third of Scotland’s bank branches have closed within the last five years.
An estimated 655 branches have been closed by Lloyds group since 2010, The Guardian reports.
The new closures announced by Lloyds are expected to results in 80 job losses, with many staff expected to be redeployed into other branches.
A spokesperson from Lloyds Banking Group said: “We are committed to having the largest branch network in the UK and, in addition to our branches, all our customers can also use the Post Office to access their banking locally, alongside our mobile branches which visit many rural communities.”