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.
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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.
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