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Banks

Lloyds Banking to close a further 66 branches by year end 

"Bosses are 'falling over themselves' to shut high street outlets before new regulations come in

Lloyds Banking Group PLC (LSE:LLOY) is to shut 66 more branches between October 2022 and February 2023, comprising 48 Lloyds and 18 Halifax outlets.

The closures will occur throughout England, Northern Ireland, and Wales, the bank said.

It is the fifth announcement of branch closures made by Lloyds in recent months.

Since the start of 2015, more than 50 bank branches have been closed each month, according to consumer group Which?

Activist Derek French, a campaigner for shared banking hubs, said bosses are 'falling over themselves' to shut high street outlets before new regulations designed to protect access to cash are enacted.

Last week's draft bill paves the way for the Financial Conduct Authority regulator to monitor branch closures and intervene when access to cash is at risk.

By early next year, customers will have lost access to another 133 Lloyds bank branches, 50 Halifax outlets, and 19 Bank of Scotland branches.

Between January and April, 48 branches were closed by the banking group, while a total of 28 Lloyds outlets are to close between August and November this year.

Defending the closures, Lloyds said visits to the 66 branches had fallen on average by 60% over the past five years.

It also assured customers that they would have access to free cash machines or post offices nearby, adding that no workers would be laid off.

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