Oli Scarff/Getty Images News
Barclays (NYSE:BCS) (OTCPK:BCLYF) said it will shut down 12 branches in England, one in Wales and two in Scotland as the U.K.-headquartered bank responds to a decrease in in-person demand, according to a Yahoo Finance report dated Monday, which was later confirmed by a company spokesperson.
In 2022, the lender said it would shutter 132 branches, many of which have since shut down, the article pointed out.
The reason for the closures was in response to how the Covid-19 pandemic accelerated customers' use of online banking and thus hindered branch visits.
“As visits to branches continue to fall, we need to adapt to provide the best service for all our customers," a Barclays spokesperson told Seeking Alpha in an emailed statement. "Where there is no longer enough demand to support a branch, we maintain an in-person presence though our Barclays Local network, live in over 200 locations, based in libraries, town halls, mobile vans and our new banking pods."
Other U.K. banks, including NatWest Group (NWG) (OTCPK:RBSPF) and Lloyds Banking Group (LYG) (OTCPK:LLDTF) are also in the process of closing branches, Yahoo Finance said.