Yorkshire and Clydesdale banks to lose 100 branches
The Australian owner of two historic British regional banks, Yorkshire and Clydesdale, has announced plans to close 100 branches in the UK.
National Australia Bank (NAB) said 60 sites at Glasgow-based Clydesdale and 40 Yorkshire branches would shut down within the next 18 months.
NAB outlined the cost-cutting plans to cut 4,200 jobs from its Australian and UK operations as it revealed its half-year financial results.
The bank had already announced in March that up to 1,700 jobs were to be axed in the UK as it looked to save up to £117m (€171m) at year at the Clydesdale and Yorkshire.
NAB chief executive John Stewart explained the closures were “in response to the changing needs of our customers”.
He said: “Our research has shown that in any one month 75% of our customers do not use a branch at all, and 11% use a branch only once.
“This is about providing our customers with the appropriate network for their needs.”
Clydesdale was founded in 1838 and has 217 branches, while the Yorkshire, run in Leeds, dates back to 1859 and has 232 sites.
The Australian bank acquired both businesses in the late 1980s.
NAB carried out a review of its UK arm after offloading its Irish business - Northern and National Irish Bank – earlier this year.
It recently opened 15 Clydesdale-branded financial solution centres for small and medium-sized businesses in the south-east of England.
A further 15 centres will open in the region by the end of the year and the company has plans to introduce 40 similar sites in the north of England and Scotland.
The bank also aims to invest heavily in 50 “flagship” branches.
