Royal Bank of Scotland featured image
Banking & Finance Business & Economics News

Royal Bank of Scotland to close 54 of its branches

The Royal Bank of Scotland is preparing to shut down 54 of its branches in Europe by May – which adds up to the 162 branches that were already announced to close this year, threatening once again more than 258 jobs to be lost.

With the said closures, Royal Bank of Scotland stated that it will have no further closures at least until 2020.

The branches are scheduled to be closed January of 2019. The closures were a result of the bank’s decision to go against the disposal of its new challenger bank, Williams & Glyn– the bank did not find a buyer for its challenger bank, thus made their decision to re-establish it to its core bank.

Rob MacGregor, Unite national officer said that the action of RBS for closing the branches is “Utterly Disgusting”. Taxpayers still own 62% of the bank from its 2008 bailout. After the holidays the public should expect that there will only be 50 branches of RBS in England and Wales.

The closures had a great impact on its customers since there will be a fewer bank outlet for them to access- which has become a concern to some.

A spokesman stated that the bank will now be focusing their investments in their England and Wales network to fortify its range of products and services for their customers around the United Kingdom.