Yahoo Finance Lloyds axes a further 15 bank branches despite committing to network
Lloyds Banking Group has announced plans to shut a further 15 branches, just a month after its chief executive António Horta-Osório committed to maintaining the UK's biggest branch network.
The lender said the closures were necessary due to the rapid uptake of online banking by customers and a fall in transactions made in branches.
After the bank's half-year results in August - when Lloyds announced a near quarter rise in profits to £3.1bn - Mr Horta-Osório made a surprise commitment to keeping its branch network at a market share of 21pc.
“We act differently from other banks here. We don’t see it as a cost lever at all,” he said.
Lloyds has announced more than 100 closures in less than a year. But the cuts pale in comparison to rival RBS, which is axing 475 branches over a similar period.
The Lloyds branches involved in the latest round of cuts will close by the end of March.
Earlier this year Mr Horta-Osório unveiled a three-year strategy including investing £3bn in ramping up its digital banking and wealth businesses.
A Lloyds spokesman: said: "We have confirmed the locations of a small number of Lloyds bank branches which will close between January and March 2019.
"All branches announced for closure have a Post Office less than half a mile away so customers can still access their banking locally.
"We continue to make a significant investment in our branches and we are proud to have the largest network of branches in the UK."
