TSB to close 73 branches in Scotland

TSB has announced that it will close 73 branches in Scotland as customers increasingly turn to online banking. 

The bank has said the branches selected for closure have been chosen carefully to ensure 94% of TSB customers in Scotland remain within 20 minutes travel time of a branch.

TSB will also introduce around 50 mobile advisors in rural communities to provide face-to-face support for existing customers on basic banking queries and organise further support for them.

The lender is preparing to close 164 branches and reduce its headcount by around 900 people across the UK. TSB has said it expects the majority of the redundancies to be voluntary but did not rule out direct job cuts, The Evening Telegraph reports.

TSB did not detail which branches are earmarked for closure but said those with the lowest footfall would be axed. 

In July, the bank posted a £66 million pre-tax loss for the first half of this year as it allocates £87.5m for bad coronavirus loans.

Robin Bulloch, customer banking director at TSB, said: “These decisions are the most difficult we take, but we must always be guided by our customers – and we are clearly witnessing a substantial shift towards digital banking.

“We operate a more extensive branch network than most other banks in Scotland, including some much larger than TSB, and we need to reduce its size to reflect the changing needs of our customers and a fast-evolving operational environment.

“TSB remains committed to offering high quality banking services in branches across Scotland. We are also introducing mobile advisers to ensure we look after vulnerable customers and those in rural locations.

“We are working to ensure the transition towards digital – which is being seen right across the economy – is handled sensitively and pragmatically for our colleagues and customers.”

TSB has said it will invest in its 62 remaining Scottish branches to improve the customer experience.

Share icon
Share this article: