The Royal Bank of Scotland (RBS) is the latest well known name in the High Street to close shop in a period when the retail giants are toppling like dominos
RBS has announced it is closing 162 branches across the UK resulting in the loss of 792 jobs.
Plans to form a new “challenger” bank have stalled and RBS is no longer going ahead. The result is that its businesses in England and Wales, and Natwest in Scotland, were facing geographic duplication.
It is understood that RBS will no longer be launching Williams & Glyn as a challenger bank. The reason given was that they would have had two branch networks operating in close proximity to each other; NatWest and Royal Bank of Scotland, in England & Wales.
The company say that they have had to review their overall branch footprint in England and Wales. According to some reports the company have made the decision to close a number of Royal Bank of Scotland branches.
The company have said that customers of Royal Bank of Scotland in England and Wales will be able to use NatWest branches instead for their everyday banking needs.