Nationwide becomes the bank with the largest number of branches in the UK
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The explosion of digital banking has led numerous banks to start shutting down their branches, with many of them planning to close dozens of branches by the end of the year, and even more in 2024.
However, the Nationwide Building Society has decided to try and endure the consumers’ decision to stop going to physical banks, seemingly convinced that things will turn around at some point. The bank’s commitment to the high street means that it is now the single largest UK bank in terms of branches that are still up and running across the country.
Nationwide will not shut down any branches until at least 2026
The bank did not make this decision on a whim, however. Its research suggested that around 63% of UK citizens still value their local branch and that they prefer face-to-face service. This was their top reason for wanting to go to the local bank rather than do everything online, according to Nationwide.
As a result, the bank renewed its promise to not leave any town or city where it currently has a functional branch until at least 2026. On the other hand, pretty much all other banks are shutting down their offices all over the country, leaving Nationwide as the only competitor in this regard.
At this point, Nationwide features 605 sites across the UK, overtaking even Lloyds, whose branch count currently sits at 598. After that, the third place goes to NatWest, which has more than a hundred branches fewer than Nationwide.
The bank’s CEO, Debbie Crosbie, stated that Nationwide provides face-to-face service that people need and value. “We’re the large-scale alternative to shareholder-owned banks and now we have the biggest branch network too. Our branches are busy and we’re an important part of local communities.”
As for the others, they continue to plan new shutdowns, as mentioned, Lloyds revealed 35 new branch closures last month, with the intention to have 155 sites closed in total by the end of this year. After that, in 2024, the bank plans to close another 75 locations.
Hundreds of branches to shut down by the end of 2023, more next year
Other banks are following similar announcements, with Virgin Money planning to axe 30% of its branches; Barclays said that it will close 180 branches in 2023, and even NatWest is closing down shop in 143 locations. The same can be said for HSBC, which said that 114 branches will be shut down this year.
Amod all this, Nationwide plans to try and weather the storm, and remain the only provider with branches across the country, which may earn it more customers, at least among those who prefer to do their banking face-to-face. This, presumably, mostly includes older generations who never warmed up to managing their money via apps and websites.
