TSB (Banco Sabadell) has announced the closure of 70 UK branches in 2022, although it will not include layoffs.

Madrid, 30 (European Press)

The British branch of Banco Sabadell TSB announced, Tuesday, the closure of 70 branches in 2022, due to the increase in customers’ use of digital banking services, as shown in a statement.

Additionally, it emphasized that this change would not lead to layoffs, as affected employees may continue to play an alternative role within TSB.

Specifically, it noted in detail that in recent years it has observed a “significant” decrease in the use of the branch network, with a gradual decrease since January 2019 in the number of transactions actually executed.

Similarly, it framed the closing of these offices within the framework of its strategy laid out two years ago, which included betting on digital services to meet the future needs of customers; A digital transformation has accelerated the COVID-19 pandemic.

In this sense, it has confirmed that more than 90% of transactions are already carried out online, while more than 90% of tips for contracting a mortgage are carried out through video conferencing.

The British bank indicated that offices to be closed carry out transactions 32% less than the national average for TSB in the UK. In addition, it indicated that there is a free post office or an ATM less than two kilometers from each branch that will be closed.

Following these changes, the TSB network will consist of 220 offices in the UK, the “seventh largest network” of bank branches in the country.

The entity is also considering converting 140 branches before the end of the year in order to provide a “better experience” for the bank’s customers and employees.

Likewise, it indicated that it has opened “temporary” facilities in 41 towns with greater distance between branches, and plans to open ten more such establishments after the announcement of office closures.

In these pop-ups, TSB advisors offer personalized assistance, including the ability to make payments, provide product information, and help clients get started with digital banking.