Lloyds to shut 45 branches

(Sharecast News) - Lloyds Banking Group is to shut another 45 branches, it was confirmed on Thursday, as lenders continue to downsize their estates. The blue chip is closing 22 Halifax branches, 19 Lloyds branches and four Bank of Scotland branches next year, starting in March and April.

It will bring the total number of Lloyds Banking Group sites closed this year and the next to 276.

The banking sector is rapidly closing branches, as more services move online and lenders look to cut costs. Last week NatWest Group announced a further 19 branch closures, bringing its total to 172 for this year and next, while Barclays has announced the closure of 185 sites this year.

Analysis by the Financial Times and ATM provider Link in September showed a total of 636 bank branches were due to close by the end of this year.

As at 0945 GMT, shares in Lloyds were largely flat, at 43.37p.

A spokesperson said: "The way customers choose to bank with us has changed rapidly in recent years, and we now offer a wide range of options for their everyday banking needs."