Santander to shut 95 bank branches as part of major shake-up
SANTANDER is shutting 95 of its high street branches as part of a major shake-up.
The bank currently has 444 branches across the UK.
However it says it will be shutting a significant portion of these as well as making more of its branches counter-free and reduced-hours.
The move puts 750 employees at risk of redundancy.
Santander said closing branches was a "difficult decision" but it wanted to ensure its business is "fit for the future".
Major banks have been increasingly turning away from the high street as more people move to online banking.
Traditional bricks and mortar banks have also faced stiff competition from online-only challenger banks, which are often able to offer more favourable rates to customers due to their lower costs.
Announcing the changes this morning, Santander said the shake-up would mean it has 290 full-service branches across the UK.
A further 36 branches will have reduced hours, 18 will be counter-free, and five will be Work Cafes.
The new Work Cafe concept includes co-working spaces, superfast WiFi and dedicated event spaces which can be accessed for free.
Branches with reduced hours will be open on either Mondays, Wednesdays and Fridays between 9.30am and 3pm, or Tuesdays and Thursdays 9.30am to 3pm and Saturdays 9.30am to 12.30pm.
The exception is the Caerphilly branch, which will be open Tuesdays and Thursdays between 9.30am to 3pm.
The reduced hours will begin from June 30.
Areas affected by branch closures will instead be served by "community bankers" who can provide "face-to-face money management and general support for customers, visiting local communities weekly, as well as attending local Banking Hubs".
Santander says it will contact all potentially vulnerable customers affected by the closures by phone and try to find ways to help them.
There is also a dedicated phone number to provide customers with help and information on the closures.
To get more information, you can call 0330 678 2469.