Shrewsbury TSB branch to close in June 2022
Shrewsbury's TSB branch in High Street, Shrewsbury will close next year after being listed as one of the 70 branches that TSB will close permanently next year.
TSB announced today it will close 70 branches in 2022 as it responds to declining branch use and increasing numbers of customers switching to digital banking services.
In recent years, the bank has seen a significant decrease in-branch use, with the average number of transactions per branch falling since January 2019 and no prospect of branch transactions returning to pre-Covid levels.
Two years ago, TSB set out its intention to reduce its branch network and invest in digital services, as part of its strategy to meet the future needs of customers, but the Covid-19 pandemic has further accelerated the shift away from branch services, with customers shopping and doing more online. The bank says that over 90% of customer transactions are now carried out digitally and video banking accounts for over 90% of mortgage appointments.
The branch located on High Street in Shrewsbury is scheduled to close on 28 June 2022.
Why the branches were chosen
TSB has said that the branches that have been selected to close carry out around a third fewer transactions than the TSB national average. There is also a Post Office or free to use ATM within a mile of each closing branch.
A full list of the branches to close can be found here.
TSB’s Chief Customer Officer Robin Bulloch said:
“Closing branches is an incredibly difficult decision to take, but we have to respond to the changes in the way people bank and provide the right mix of services for all our customers now and into the future.
“These changes allow us to maintain an extensive branch presence across the country. They are accompanied by a significant investment programme to upgrade branches to better suit customer needs. And, where it takes longer to get to the nearest branch, we will introduce more ‘pop-up’ services in communities.”
Vulnerable customers
The bank says that it will provide additional support to vulnerable customers, including one-to-one advice on their banking needs, such as digital skills training and alternative ways to bank. They will also be contacted personally in advance of a branch closure to make them aware of the changes.
All staff impacted by these changes will have the opportunity to move to an alternative role in TSB.
