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Lloyds three-year pledge to keep branch numbers up

Lloyds Banking Group won't close last local branch

Lloyds TSB

Lloyds Banking Group has pledged not to cut the number of bank branches it operates for three years

Lloyds Banking Group has today pledged to to keep the same number of branches in its bank network for the next three years.

Echoing a similar pledge from NatWest in its Customer Charter, Lloyds also promised not to close a branch if it is the last one in a community.

António Horta-Osório, Lloyds Banking Group chief executive said: ‘We want to put the customer at the heart of everything we do and it is why last year we put a moratorium on branch closures. Today we commit to keeping the same number of branches on a net basis, over the next three years.’

‘Branches are at the heart of how we serve customers and are at the centre of our communities. The branch network will continue to play a vital part in our future plans.’

Good news for customers who want to bank in-branch

Which? principal researcher Martyn Saville commented: ‘This announcement by Lloyds Banking Group will be good news for those customers who like to bank in branch.

‘Many of the contributors to our bank branch Conversation post last year found their local branch indispensable. Rural communities are hit particularly hard when their last local branch closes, so this pledge by Lloyds Banking Group will be welcome.

‘It’s worth noting though that Lloyds isn’t guaranteeing to keep all of its existing branches open, merely that overall branch numbers will not reduce. Lloyds Banking Group companies also score relatively poorly for banking customer satisfaction: Lloyds TSB scores 56%, Halifax 53% and Bank of Scotland 48%. Table-topping online provider First Direct, which offers access to HSBC branches, scores 93%.’

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