Natwest to pump £50m into branches after shuttering a thousand

Natwest is planning to beef up its branch network after being one of the leading banks to take the axe to its physical presence over the last decade. 

The blue-chip banking giant will pump £50m into its network over the next 18 months and has pledged not to close any branches until at least 2029.

But the lender did add that a total of nine branches would be closed as a result of the network revamp. These are expected to be the last until 2029 at the earliest.

The move comes after Natwest shuttered more than 1,000 sites in the last decade, second only to Barclays, which has closed more than 1,200.

Barclays made a similar pledge earlier this year in a major U-turn, saying it plans to expand the network. HSBC has pledged to keep its 327 branches open until at least 2027, whilst Nationwide has been the more bullish of the group, promising no closures until 2030. 

This is counter to Lloyds, which laid out plans to close another 95 sites in February – a move that would take its total presence to 610, a far cry from the 1,500 a decade ago. The banking giant – also the owner of Halifax and Bank of Scotland – has sought to go all-in on its digital future, though it has continued to battle against tech blunders for its services. 

Natwest has around 366 branches and operates the UK’s only mobile branch service, a fleet of specialised bank vans that travel set routes to bring banking services to rural, remote, or underserved communities.

Solange Chamberlain, chief executive of retail banking at Natwest, said the bank would invest “to offer customers a seamless mix of ways to bank with us”.

The industry’s changing approach to its physical presence comes as the government conducts its review into face-to-face banking services.

The review aims to collect evidence on the real‑world impact of branch closures and identify those who are most affected to scout out where action may be needed to protect access to services.