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TSB planning to open up to 30 new branches


TSB have confirmed that they are planning to open up to 30 local branches in the UK.

The bank has declined to confirm where the new branches will be, as they are still negotiating the acquisition of the new sites, but experts say they’re most likely to be in the Midlands and the South East.

The move is quite surprising, given that the current trend across the banking sector is that banks are generally closing down more branches than they’re opening.

In total, more than 300 local branches have been shut down in Britain by banks this year, which is already considerably more than the whole of 2013 when 195 branches were closed across the industry.

TSB was owned by Lloyds Banking Group until this time last year, when the government ordered them to sell part of their business as a condition of the bail out of the company.

As a result TSB has a network of 631 local branches, and is now planning to extend this even further.

London and the South East

Derek French, director of the Campaign for Community Banking Services (CCBS) claimed the reason for opening new branches is because TSB inherited poorly located branches from Lloyds banking group. It is for this reason that he feels the majority of the new branches will be in the London area.

Mr French said: "Most of them will be in London and the South East, in areas where they haven't got a branch and they need to open one pretty quickly."

Despite having so many branches in poorly located areas, they have maintained that they have no plans to close down any of its current branches, unless there is another branch nearby. This is because they inherited a pledge not to close down any branches which are the last bank in a community before February 2015.

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