Lloyds, Halifax, and NatWest to close 113 branches by November 20.

Lloyds, Halifax, NatWest, and Bank of Scotland will close 113 branches by November 20. The closures, citing a shift to digital banking, will affect 24 Lloyds, 31 Halifax, 46 NatWest, and four Bank of Scotland branches. The move has been criticized, with consumer champion Which? calling for the government to ensure banks meet their commitments to set up 350 banking hubs by 2029.

Lloyds Banking Group, Halifax, NatWest, and the Bank of Scotland have announced plans to close 113 branches by the end of November. The closures, which are part of a broader trend towards digital banking, will affect 24 Lloyds, 31 Halifax, 46 NatWest, and four Bank of Scotland branches. The closures are set to take place between August 20 and November 20, with dates for eight NatWest branches yet to be confirmed [1].

The shift towards digital banking has been a significant factor in the decision to close these branches. Lloyds Banking Group cited the move as part of a broader strategy to accommodate customers who are increasingly using mobile services. NatWest echoed this sentiment, stating that people are using digital banking more than ever before [1].

This wave of branch closures is part of a larger trend. According to consumer champion Which?, banks and building societies have closed more than 6,000 branches since January 2015, at a rate of about 53 each month [1]. The ongoing closures have sparked concerns, particularly among elderly and isolated individuals who may rely on face-to-face banking services [1].

In response to these concerns, the Financial Conduct Authority (FCA) introduced measures last year to ensure a 'reasonable provision of cash deposit and withdrawal services'. However, consumer group Which? has called for the government to hold banks to account and ensure they meet their commitments to set up 350 banking hubs by 2029 [1].

NatWest Group, which includes NatWest, Royal Bank of Scotland, and Ulster Bank, has been particularly active in branch closures, having closed 1,428 branches since January 2015. Lloyds Banking Group is not far behind, having closed 1,243 locations over the same period [1].

The closures come at a time when NatWest Group is experiencing significant institutional investment. Connor Clark & Lunn Investment Management Ltd. recently increased its stake in NatWest Group by 1,102%, acquiring 600,743 shares valued at approximately $7.16 million [2]. Citigroup has reaffirmed a "buy" rating for NatWest Group, with a consensus rating of "Moderate Buy" from four analysts, indicating positive market sentiment [2].

Despite the branch closures, NatWest Group has been performing well financially. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates by $0.04. The company also had a return on equity of 11.99% and a net margin of 16.84% [2].

References:
[1] https://www.thisismoney.co.uk/money/article-15013479/Lloyds-Halifax-NatWest-Bank-Scotland-branch-closures-dates.html?ico=mol_desktop_afghanistan
[2] https://www.marketbeat.com/instant-alerts/filing-natwest-group-plc-nysenwg-stake-boosted-by-connor-clark-lunn-investment-management-ltd-2025-08-12/