Branch closures will not help challenger banks build brands

Bank buildings - barclays, HSBC, Citi, State Street. Canary Wharf

NEWS last week that TSB planned to close 73 branches in Scotland with the loss of around 300 jobs had a dreary air of familiarity to it but raised fresh questions about the future of the UK’s challenger banks.

TSB is one of a band of second tier lenders that it has long been hoped could pose a greater competitive threat to the giants that dominate the retail and small business banking markets.

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