UK-based retail and commercial bank NatWest has announced the closure of an additional 52 branches across the UK this year, which will bring the total number of closures planned by the banking group to 105.
The bank’s decision aligns with the increasing trend towards digital banking, as over 80% of NatWest’s current account holders now utilise online services, and most new accounts are being opened digitally.
The bank also disclosed plans to invest over £20m in its UK network next year. The investment will focus on upgrading existing branches, enhancing services through Post Offices and banking hubs, and introducing pop-up banking services in certain areas.
NatWest said: “Like any business, we strive to meet our customers’ changing needs and expectations and we’ve been responding to the industry-wide shift towards digital services by investing to broaden what customers can do themselves and to offer them greater personalisation.
“We recognise that some people still need help to adapt, particularly our vulnerable customers. Our customer support specialists proactively contact branch users who we know may need additional support when a branch closes and where there’s a need we install community pop-ups to help customers become familiar with alternative banking services.”
In a recent development, NatWest Group has returned to full private ownership. His Majesty’s Treasury (HMT) no longer holds any shares in the company. HMT’s stake in the Group, which once stood at 84.4% following recapitalisations in 2008 and 2009, has been gradually reduced through a series of Accelerated Book Builds, Directed Buy Backs, and a government-led trading plan.
