The UK’s largest retail bank, Lloyds Banking Group (LBG), is to close 49 more branches.
LBG kicked off 2018 with 967 Lloyds-branded branches; 41 of the latest outlets to close are Lloyds branches. The remaining 8 branches to close are Halifax outlets, reducing its network from 618 to 610 units. Sister brand Bank of Scotland operates 206 branches north of the border.
After the latest closures take effect, LBG will have a combined branch network of 1,742 branches.
A LBG spokesperson said that it remained committed to the branch channel and would maintain a market share of 20% of all UK branches.
According to RBI’s latest figures there are currently around 8,100 branches in the UK; a market share of 20% is roughly 1,620 branches, suggesting that LBG has scope to shutter an additional 120 outlets while maintaining a 20% market share of all branches.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData