UK banks plan to close a record 762 branches this year, new analysis finds


Barclays is currently the UK's biggest bank in terms of branches (Source: Getty)

The UK is set for a record number of branch closures this year, according to a new analysis.

Some 762 branches have been shut or are due to be closed this year, up from 583 in 2016, according to Reuters.

The analysis calculated that Britain will have around 8,000 bank branches by the end of this year, down from nearly 18,000 in 1989.

Included in the 762 branches total are 244 of Royal Bank of Scotland, 195 of Lloyds Banking Group and 117 of HSBC.

Barclays, which currently has more branches than any other bank in the UK, is to close between 90 and 100 out of around 1,300 outlets.

Elsewhere, Metro Bank is heading in the other direction, planning to open between eight and 10 branches this year. Swedish lender Handelsbanken currently has around 200 branches in the UK and is planning on opening more to take advantage of rivals’ retreat.

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