• Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
Stock

Santander branch closures: 95 UK branches to be shut in digital banking shift

by March 19, 2025
by March 19, 2025

Santander has announced plans to close nearly a fifth of its UK branches as part of a broader network overhaul, putting 750 jobs at risk.

The retail bank will shut 95 out of its 444 high street outlets by June and will also reduce services or hours at over 50 additional locations.

The move is aimed at adapting to changing customer habits, as digital banking continues to grow rapidly.

The lender had previously stated in January that it was not planning any permanent closures in 2025.

However, the latest decision marks a significant shift in strategy.

In addition to closures, 18 branches will transition to being counter-free, while 36 will operate with reduced hours.

Rising digital banking prompts closures

“Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers,” a spokesperson for Santander UK said.

“As a business, we must move with customers and balance our investment across all the places where we interact with customers, to deliver the very best for them now and in the future.”

The bank cited a “rapid movement” of customers toward digital banking as a key factor.

Since 2019, digital transactions have increased by 63%, while branch-based financial transactions have dropped by 61%.

More than a fifth of current accounts are now opened online, and mobile banking users have surged by 56% in the same period.

New service model to support customers

Following the restructuring, Santander will operate 349 branches in the UK, including 290 full-service locations, 36 with reduced hours, and 18 counter-free branches.

The bank is also rolling out its “Work Café” concept, which will function as community hubs offering co-working space, high-speed WiFi, and event hosting.

To mitigate the impact of closures, Santander will introduce “community bankers” who will provide face-to-face support at banking hubs and visit affected areas weekly.

The bank stated that even after the closures, 93% of the UK population would still be within 10 miles of a Santander branch.

Industry-wide trend of branch reductions

Santander’s move follows a broader trend among UK banks, reducing their physical footprints and adapting to the cost pressures and efficiency demands posed by the digital banking shift.

There is an industry-wide effort to balance in-person banking with the growing reliance on online and mobile services.

Lloyds Banking Group recently announced plans to close 136 branches across its Lloyds, Halifax, and Bank of Scotland brands.

By the end of 2025, Lloyds will have 756 branches remaining, down from 932.

Santander reaffirms UK presence despite takeover rumours

Despite media reports suggesting that Santander was reviewing its UK operations, the bank has reaffirmed that its UK unit remains a core part of its global business model.

Reports had indicated that Barclays had explored a potential acquisition of Santander UK earlier this year, but discussions did not progress beyond preliminary talks.

Santander, which employs around 18,000 people in the UK, remains committed to its operations despite the latest restructuring move.

However, the changes highlight the ongoing transformation of the banking sector, where digital services are taking precedence over traditional high street branches.

The post Santander branch closures: 95 UK branches to be shut in digital banking shift appeared first on Invezz

0 comment
0
FacebookTwitterPinterestEmail

previous post
Trump, Putin agree to begin ceasefire negotiations in Middle East, White House says
next post
Global investors shift focus from India to China as stock outflows hit $29 billion

Related Posts

Opendoor stock plunges 21% after weak forecast: could...

August 7, 2025

Why Upstart stock tanked on Q2 earnings and...

August 7, 2025

GLD ETF analysis: is this gold fund on...

August 7, 2025

Asian markets open: Nikkei flat on US chip...

August 7, 2025

Europe markets open: Stocks rise; Maersk Q2 profit...

August 7, 2025

SoftBank posts strong quarterly profit of around $2.9B...

August 7, 2025

Trump and Putin to meet next week; White...

August 7, 2025

Is America really getting rich off tariff revenue?

August 7, 2025

Israel’s Leviathan gas field secures historic $35B export...

August 7, 2025

Trump’s tariff gamble on chips and drugs could...

August 6, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

Recent Posts

  • What Families Gain at the Dinner Table

    August 7, 2025
  • Superman, Sneaking Snacks into Movies, and the Mystery of Social Order

    August 7, 2025
  • How Telematics Is Reshaping Transportation

    August 7, 2025
  • What Families Gain at the Dinner Table

    August 7, 2025
  • Would Superman Bring Coffee to the Movies?

    August 7, 2025
  • Opendoor stock plunges 21% after weak forecast: could more downside be ahead?

    August 7, 2025

Editors’ Picks

  • 1

    Meta executives eligible for 200% salary bonus under new pay structure

    February 21, 2025
  • 2

    Walmart earnings preview: What to expect before Thursday’s opening bell

    February 20, 2025
  • 3

    New FBI leader Kash Patel tapped to run ATF as acting director

    February 23, 2025
  • 4

    Anthropic’s newly released Claude 3.7 Sonnet can ‘think’ as long as the user wants before giving an answer

    February 25, 2025
  • 5

    Nvidia’s investment in SoundHound wasn’t all that significant after all

    March 1, 2025
  • 6

    Cramer reveals a sub-sector of technology that can withstand Trump tariffs

    March 1, 2025
  • 7

    Elon Musk says federal employees must fill out productivity reports or resign

    February 23, 2025

Categories

  • Economy (2,114)
  • Editor's Pick (210)
  • Investing (185)
  • Stock (1,413)
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Read alsox

Vanguard’s VIG ETF forms a rare death...

April 23, 2025

Europe markets open: Stoxx 600 flat amid...

July 7, 2025

BTC ETFs end 4-day outflow streak with...

March 14, 2025