In a word: wow. This is quite a list of RBS branch closures and arguably the most aggressive list of branch closures this year by any UK bank.
RBS is to shrink its total branch network to 744 outlets comprising 89 Royal Bank branded branches in Scotland and 655 NatWest branded outlets in England and Wales.
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RBS kicked off 2017 with 193 Royal Bank-branded branches in Scotland – that number has during 2017 since dropped to 151; news of another 62 closures results in a network of only 89 outlets.
Under the NatWest brand, the bank kicked off 2017 with 1,058 outlets; the current figure is 852 following 206 closures; a further 197 are set to close to reduce the network to 655.
Once the latest cuts are implemented, large parts of Scotland will lack a physical RBS presence, with the Borders and Highlands especially badly affected.
According to RBS, the closures announced today will result in around 680 job losses.
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By GlobalDataThat figure is disputed by Rob MacGregor, Unite national officer. He said:
“The Royal Bank of Scotland has decided to decimate its branch network. Now serious questions need to be asked about whether these closures mark the end of branch network banking.
“The announcement will forever change the face of banking in this country resulting in over a thousand staff losing their jobs and hundreds of high streets without any banking facilities.”
An RBS spokesperson said: “More and more of our customers are choosing to do their everyday banking online or on mobile. Since 2014 the number of customers using our branches across the UK has fallen by 40% and mobile transactions have increased by 73% over the same period. Over 5 million customers now use our mobile banking app and one in five only bank with us digitally.”
