Nationwide Building Society has reaffirmed its pledge to not close any branches in the UK until 2026.
Earlier today, the financial institution’s CEO Debbie Crosbie confirmed the building society’s Branch Promise remains a key part of Nationwide’s outreach to customers.
She explained: “Importantly, Nationwide will remain a building society, and a combined group would bring the benefits of fairer banking and mutual ownership to more people in the UK, including our continuing commitment to retain existing branches, as part of our 'Branch Promise' and leading levels of customer service.
“We believe the combination would create a stronger and more diverse business that will be better placed to deliver value to our members and customers, both now and in the future.”
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The building society has reiterated its "Branch Promise" to remain a staple in local communities until 2026
GETTY/NATIONWIDE
Under its Branch Promise, the building society will not leave communities where it has a high street branch.
This is noticeable reversal of the recent trend of bank branch closures which has left many Britons worried about their access to physical banking services and cash.
High streets across the UK have been impacted by the wave of bank branch closures from the likes of NatWest, Barclays and Santander.
This renewed promise follows the news that Nationwide has reached a preliminary agreement to takeover Virgin Money.
As part of the joint statement, Nationwide bosses claimed the proposed acquisition would “accelerate its strategy and broaden and deepen its products and services faster than could be achieved organically”.
It should be noted that is not yet known how the building society’s potential takeover of Virgin Money could impact branches and services long-term.
However, Nationwide confirmed it does not have plans to make material changes to the bank’s workforce of 7,300 employees “in the near term”.
In December, the building society claimed 80 communities across the UK have been left with only a Nationwide branch to carry out financial services.
LATEST DEVELOPMENTS:
Bank branch closures are continuing at an 'alarming rate', according to Which?GETTY Which? reports that an estimated 5,791 bank and building society branches have closed since January 2015.
Based on the consumer watchdog’s analysis, this is a rate of around 54 a month and will continue throughout this year.
In March 2024 alone, Lloyds, Barclays and NatWest are set to close 56 branches across the country between them.
The Financial Conduct Authority (FCA) recently outlined new rules which would not prevent bank closures from taking place but will “have an impact where branches are a key local source of cash”.