Virgin Money to shutter 39 bank branches across the UK
Virgin Money is set to close 39 of its UK bank branches from October following a review of how customers have been using its physical stores.
Virgin Money is closing 39 bank branches across the UK
As more and more customers take to online banking services, Virgin Money says it has seen “far less visits” to its brick and mortar branches, with most people only visiting to discuss significant life events.
“The decision to close a store is never taken lightly. But as our customers continue to change the way they want to bank with us, by conducting fewer transactions in-store and adopting the convenience of digital banking, we must respond to that evolving demand,” says Sarah Wilkinson, chief operating officer at Virgin Money.
“We have considered the number of vulnerable customers using each store very carefully throughout the review process as a key factor in our decision making, and will proactively provide enhanced, bespoke care to ensure any vulnerable customers affected are supported through the changes,” she adds.
The closures amount to one-third of the bank’s total branches across the UK, and will put some of its employees at the risk of redundancy, Virgin Money says.
UK branch closures continue
The news follows several high-street banks in the UK announcing branch closures. In December 2022, HSBC said it would be shuttering 114 bank branches over the course of this year.
In July 2022, Lloyds Banking Group had announced it would be closing down an additional 66 branches of Lloyds Bank and Halifax by January 2023. This followed 60 branch closures announced earlier in March 2022.
Virgin Money had last announced branch closures in September 2021. Following these latest changes, which will take effect later this year, it will have a network of 91 bank branches across the UK.
