LONDON, United Kingdom, July 21 – Virgin Money, a UK bank in which tycoon Richard Branson holds a near 14-percent stake, is to close almost one-third of branches as online banking accelerates, it has announced.
“The number of customers using bank branches for day-to-day transactions has been on a downward trajectory for a number of years,” Virgin Money said in a statement Thursday, explaining its decision to shut 39 branches, putting around 260 jobs at risk.
The move follows the mass closure of branches by other UK banks in recent years, namely the big four of Barclays, HSBC, Lloyds and NatWest.
The closures have alarmed consumer groups who said the moves hit those who predominantly still use cash, particularly the elderly.
The trend towards cashless payments and online banking has accelerated since the coronavirus pandemic.
