By Sabela Ojea

Lloyds Banking Group PLC said Wednesday that it is closing 48 branches across England and Wales, as 72% of its total customers are active digital users and fewer people use its branches.

The FTSE 100 listed lender said that 178 workers are affected by this decision.

A source familiar with the matter said that the bank has never made a compulsory redundancy as a result of a branch closure and that its aim is to continue to support colleagues, either through alternate roles or voluntary redundancy.

"Our branches remain a fundamental part of how we serve our customers but we need to ensure the size of our branch network reflects the number of customers wanting to use them," said Vim Maru, retail director for Lloyds Banking Group.

Shares at 1210 GMT were down 0.80 pence, or 1.6%, at 48.60 pence,

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 20, 2021 08:31 ET (12:31 GMT)

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