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21 August 2008 |
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Banks Pause Closures but Fail to Plan for the Future |
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In its annual report on bank branch networks, published today, the Campaign for Community Banking Services (CCBS) reveals a marked slow down in the rate of branch closures by the traditional high street banks which operate the only bank branches in 95% of communities where only one or two banks remain. Although 362 bank branches were closed during 2007, less than 10% were down to the big brands and one, Barclays, expanded its own network by converting 94 of its closing Woolwich outlets. However, Derek French, Director of CCBS said: “The threats to networks have, if anything, increased with the collapse of bank profits at group level and, at high street level, the decline in the UK economy and revenue hits expected from decisions on penalty charges and payment protection insurance will put branch closures firmly on the agenda.” The Campaign’s view is that closures in suburban and rural communities (1000 have only one bank remaining) will resume and in the meantime the current pause should be used constructively to experiment with all types of shared branching in order to sustain a banking presence in deserving communities, reduce carbon emissions and elsewhere to significantly reduce costs for the banks. This is not happening. Contact:
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