Yorkshire Building Society Group has unveiled plans to shed 48 branches in response to increasing adoption of digital banking channels by customers.
The society will shutter 20 Yorkshire branches in May along with 28 Norwich & Peterborough (N&P) branches from September 2017.
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In addition, it also plans to shut down its N&P current accounts to customers, and eliminate the N&P brand from next year.
Yorkshire Building Society CEO Mike Regnier said: “The changing landscape of the current account market means continuing to provide this service and extend it to new customers would require a significant increase in our investment in this part of the business.
“Although we understand the proposal may be disappointing to current account customers, it follows thorough research and assessment. We believe the level of investment required would not represent good long-term value for the wider membership.
Overall, the society will retain 260 branches and agencies across the UK, and make Yorkshire Building Society as the sole high street brand.
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By GlobalData“We believe these proposals give us greater focus on providing existing and future members with the things they want from us most: a safe place for their savings and funding to buy their own home, and providing these in an easy and simple way,” Regnier added.
