Santander UK will close most of its branches at 3 pm on weekdays as part of a shift towards digital banking.
Branches will operate between 9.30 am and 3 pm on weekdays, and from 9 am to 12.30 pm on Saturdays, with the move set to take place from July.
“We have seen a continuing reduction in branch usage over several years, both before and since the peak of the pandemic, with many customers preferring to transact digitally or contact us by phone,” said Richard Owen, head of branches at Santander.
Just last year, the Spanish head-quartered bank announced the closure of 111 branches in the UK, with 44 in London alone.
Santander acquired most of its branch network when it took over the Abbey National building society, which was subsequently rebranded.
Following today’s announcement, the bank said there would be no further branch closures or involuntary redundancies.
Branch employees will be trained to handle phone calls while also being available for pre-booked face-to-face appointments.
Santander’s move is another blow to smaller independent retailers who operate on the high streets next to the banks, according to Government High Streets Task Force expert and ShopAppy founder, Dr Jackie Mulligan.
“In recent months, we have seen a number of banks announce branch closures and this news from Santander is another significant blow to retailers around the UK,” said Mulligan
“It also comes at a time when inflation and rising energy bills are squeezing people’s spending power in a way we haven’t seen for decades, which is again hitting local shops hard.”
“The shift to digital banking is irreversible, but so, too, is the damage caused by banks reducing their presence or opening hours on our high streets.”
Santander UK is owned by Spain’s Banco Santander (LSE:BNC).
“The shift to digital banking is irreversible, but so, too, is the damage caused by banks reducing their presence or opening hours on our high streets.”