The move is expected to impact 150 jobs, and all the impacted employees will be provided with an alternative role in TSB
TSB St. Nicholas branch street view. (Credit: TSB Bank plc.)
UK-based retail bank TSB is set to close 70 branches in 2022 in response to the decline in the number of customers using branches, switching to digital banking services.
The move is expected to impact 150 jobs, and all the employees impacted by the branch closure will be provided with an alternative role in the company, said TSB.
The bank has selected branches that carry out around one-third (32%) transactions less than its national average, for closure.
The bank is arranging a Post Office or free ATM within a one-mile radius of each branch to be closed, to enable banking services for customers.
Also, TSB will open ‘pop-up’ branches in Bishops Stortford, Camberley, Fort William, Greenwich, Harlesden, Louth, Redcar, Stranraer, Thurso, and Tunbridge Wells.
The pop-up branches, opened in public locations, will help customers make payments, get product and services information, access cash and get assistance with bereavements.
TSB chief customer officer Robin Bulloch said: “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.
“These changes allow us to maintain an extensive branch presence across the country. They are accompanied by a significant investment programme to upgrade branches to better suit customer needs.
“And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”
Following the branch closure, it will have a UK-wide network of 220 branches, and more than 90% of its customers can visit its branch within 20 minutes, said TSB.
The bank aims to have around 140 branches by the end of this year to provide services for personal and business customers and introduce new technologies.
Furthermore, TSB claimed that it has already opened 41 pop-up service locations across the country, and is planning to open ten additional pop-up branches.
In October last year, TSB announced its plans to close 164 branches that affect nearly 900 jobs, as part of its future growth strategy announced in November 2019.