Connect with us

Hi, what are you looking for?

News

Post Office to service British bank customers

Several large banks in the UK have concluded a deal with the Post Office to provide small businesses with over-the-counter services. The banks have been on a cost cutting spree and many of the have announced closures of branches. The Post Office, which has 11,600 branches, will, under the agreement, provide nearly all of the large banks’ personal customers and 75% of their small business clients with face-to-face services, from depositing cash and cheques to reviewing balances. Until now, various banks have offered limited access through the Post Office – covering only 40% of business customers. According to Margot James, business minister, the agreement marked the biggest expansion in branch banking services in a generation. In the past two years, banks have closed more than 1000 branches in the country. HSBC has shut the most number of branches – 321- since the start of 2015, reducing nearly 30% of its network. The bank said visits to branches had fallen 40% on average in the past five years as customers moved online. With a recent announcement to close more branches, the bank will be left with 625 branches by the end of the year.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't miss our updates on your email

Subscribe to our Newsletter

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.