THE YORKSHIRE Building Society has announced that its Dunoon branch is to close – just a week after Clydesdale Bank announced that its branch in the town will shut.
The Dunoon branch of the YBS will close in May, with the company blaming ‘shifts in market conditions’ and increased use of digital banking.
The society will close 20 branches in the UK, including three in Scotland, along with 28 branches of its Norwich & Peterborough Building Society.
Mike Regnier, Chief Executive of Yorkshire Building Society, said: “ As a mutual, it is important that we always act in the best long-term interests of our membership and evolve the business in line with their changing needs. We believe these proposals give us greater focus on providing existing and future members with the things they want from us most: a safe place for their savings and funding to buy their own home, and providing these in an easy and simple way.”
He continued: “ The driving forces behind the proposed branch closures are shifts in market conditions and an increasing desire among customers to transact digitally rather than on the high street. We therefore no longer believe it is the right commercial position for us to continue to maintain these 48 branches across the N&P and Yorkshire network.
“The changing landscape of the current account market means continuing to provide this service and extend it to new customers would require a significant increase in our investment in this part of the business. Although we understand the proposal may be disappointing to current account customers, it follows thorough research and assessment. We believe the level of investment required would not represent good long-term value for the wider membership.”
See next week's Standard for local reaction...
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