Lloyds Banking Group is set to inject an additional £1bn into digital channels over the next three years.

At the same time, the lender has confirmed the net closure of 150 branches and laying off of 9,000 positions in a digital strategy switch.

The move aims to capitalize on the trend of decrease in branch transactions, and adoption of mobile and online banking by more consumers.

The lender now aims about 45% in cost-to-income ratio by the end of 2017.

Commenting on the role of the branch in the coming days, António Horta-Osório, Lloyds Group chief executive, said, "We are committed to ensure that over 90% of Lloyds and Bank of Scotland customers will continue to have a branch within five miles of their home while the Halifax branch network will be maintained."

 

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