UK bank branch penetration second lowest in Europe

Thursday 27 February 2020 12:59 CET | News

UK branch closures announced in the first two months of 2020 bring total UK bank and building society branches to below 7,000, according to GlobalData.

Recently, HSBC announced that it is closing 27 branches, following news that Lloyds Banking Group is axing 56 outlets, comprising 31 Lloyds, 15 Bank of Scotland and ten Halifax branches.

When all the latest announced closures take effect, the UK’s 66.5 million population will have a branch penetration rate of little over ten branches per 100,000, the second lowest rate of major European markets.

The comparable rate is lower only in the Netherlands with about 1,500 branches serving 17 million people - a branch density of just under nine branches per 100,000. Even Denmark and Sweden, with around 13 branches per 100,000 have more branches per head of population than the UK, GlobalData statistics revealed.

 At the other end of the scale Spain (58), France (52) and Italy (44) remain over-branched.

The European average is a little over 30 branches per 100,000. Germany’s 83 million population is served by a branch network of around 25,000 branches, a branch density of around 30 branches per 100,000 people, although this is down significantly from 38 since 2013.

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Keywords: GlobalData, bank branches, banks, payments , Europe, UK, contactless, digital innovation
Categories: Banking & Fintech
Countries: United Kingdom
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