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TSB to trim branch network

UK-based lender TSB has announced plans to shut down 29 branches in response to increasing adoption of digital banking channels by customers.

Of the branches to be closed, 17 are located in Scotland. Majority of the branches will close in June 2017.

The bank, spun out of Lloyds and currently owned by Spanish lender Sabadell, however, said that the closures will not lead to any redundancies. Affected staff will be offered as staff alternative roles at other branches.

“Whilst we continue to focus on upgrading the branches that people use most, some locations are very quiet, serving fewer than 200 people a week. In some cases this is because there is another branch less than a mile away,” the company said.

The lender is currently in the midst of a £250m digital transformation programme. However, the bank also stressed that even though many customers have switched to digital, half of new current accounts are still opened in branches and customers still prefer face-to-face service for important transactions.

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