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British banks set to close record 762 branches in 2017

Depriving customers of fin access, British banks to shut record 762 branches in 2017

Reuters  |  London 

Banks in Britain are set to close a record 762 branches this year, depriving more customers of access to in-person financial services as lenders cut costs by pushing business online. The number of branches shut or earmarked for closure so far this year is more than the 583 closed in 2016 and is the most on record, according to a Reuters analysis of bank announcements, academic studies and government data. Banks and building societies in Britain have been shutting branches at a rate of around 300 per year since 1989, a trend which has accelerated in recent years as lenders respond ...

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First Published: Wed, August 23 2017. 18:33 IST