The Royal Bank of Scotland is set to close 162 of its branches in Wales and England, resulting in the loss of 792 jobs.
The lender is still 72 percent owned by the taxpayer. It said that the move was connected to the firm’s decision that not to sell its Williams & Glyn business.
As an outcome, the group has branches in close proximity to one another and is aiming to reduce the overlap.
RBS stated: “Following a review of the branch network in England and Wales a decision has been taken to close 162 Royal Bank of Scotland branches.
“As a result of this process, around 792 roles will be made redundant, and we will seek to support our colleagues with the option to leave on a voluntary basis.”
The closure of the branched come as RBS starts reintegrating Williams & Glyn, including the business’ branch network, back into the core bank.
109 branches in total will close this coming July and August. The said branches are within 0.6 miles of another NatWest or Royal Bank of Scotland branch.
An additional 53 branches will close this coming November, all of which are between 0.6 and 2.5 miles of another NatWest or Royal Bank of Scotland branch.
A spokesperson from RBS stated: “We are no longer launching Williams & Glyn as a challenger bank, and we now have two branch networks operating in close proximity to each other – NatWest and Royal Bank of Scotland – in England & Wales.
“As a result, we have had to review our overall branch footprint in England and Wales and we’ve made the difficult decision to close a number of Royal Bank of Scotland branches. Customers of Royal Bank of Scotland in England & Wales will be able to use NatWest branches instead for their everyday banking needs.
“We now provide our customers with more ways to bank with us than ever before – customers can choose from a range of digital, face-to-face and local options to suit their needs.”