Lloyds Banking Group is set to lose the title of Britain’s biggest high street branch network to a rival financial institution following sweeping closures.
The banking group, which is made up of Lloyds Bank, Halifax, and Bank of Scotland, will come second to Nationwide Building Society’s 696-strong branch network.
When announcing its latest financial results, the mutual doubled down on its Branch Promise to keep sites open until at least 2030.
By March 2027, it is expected that Lloyds Banking Group will operate 610 branches once it finishes shutting down 95 locations across the UK.
Lloyds Bank is set to lose the title of Britain’s high street branch network
|
GETTY
Earlier this week, reports suggested the banking group is planning to retire the Halifax brand, which would see the 173-year-old lender leave high streets for good.
It is understood Lloyds may begin phasing out Halifax as early as July 1, while the group reviews its branding and services.
If Halifax is officially retired by the banking group, customers will no longer be able to open new Halifax accounts in-branch or using the app, The Sun reports.
A Lloyds Banking Group spokesperson said: “We regularly look at the role our brands play in supporting our customers.
Nationwide Building Society is poised have the most bank branches
|
NATIONWIDE BUILDING SOCIETYLloyds Banking Group preparing to retire Halifax brand after 173 years | GETTY
“Our banking customers can already use any Lloyds, Halifax or Bank of Scotland branch, and see any of their products and services in any of their apps – there are no changes for our customers today.”
Mandy Beech, Nationwide’s director of Retail Services, said: “As banks continue to close their doors and step back from the high street, Nationwide will become the UK’s largest group branch network.
“This is a major milestone for us and reflects our belief in the value of in-person banking and the reassurance it offers our members and the communities we support.
“Our data shows branches are very much valued by our customers, with usage rising, and as part of our investment in giving customers real choice in how they bank – whether online, in branch or on the phone – we’re proud to stand by our commitment to keep every one of our branches open until 2030.”
Bank branch closures are continuing at an ‘alarming rate’, according to Which? | GETTY
Rocio Concha, the director of Policy and Advocacy at Which?, said: “People and communities losing access to face-to-face banking services is a serious problem.
“Which? research has highlighted the scale of bank branch closures across the UK and the significant impact this is having on communities.
“This announcement shouldn’t divert attention from broader proposals in the financial services bill which endanger consumer protection.
“Mooted changes to the Financial Ombudsman Service (FOS) would weaken vital consumer safeguards at a time when many are struggling with financial pressures.”
GB News has contacted Lloyds Banking Group for comment.