Virgin Money has confirmed that it will close up to 31 branches especially in Scotland and in the northern part of England.
The bank now says that at least 112 jobs will be made redundant because of the closures after the coronavirus pandemic accelerated the shift to online and mobile app-based banking. The move is said to have rapidly reduced the profitability of physical bank branches.
Since the start of the pandemic HSBC, TSB and the Co-operative Bank have all closed branches, raising concerns about access to cash during lockdowns from the Financial Conduct Authority and consumer groups.
The latest closures represent almost a fifth of Virgin Money’s branches, meaning the bank will have only 131 left, down from 245 when it merged with Clydesdale and Yorkshire Bank in 2018.
Twelve of 55 branches will close in Scotland, while nine of 35 will close in Yorkshire, with the rest scattered across the north-east, north-west and the Midlands. No branches will close south of Nuneaton in Warwickshire.