Santander 'won't close any more branches pre-2028'

Santander UK has pledged not to close any further branches before 2028 – despite plans to cut costs over the rest of the year.

The bank says it will maintain its near-500-strong bricks-and-mortar estate for at least 18 months.

The promise comes after Spanish-owned Santander UK announced a wave of closures at the start of the year, with 44 sites – and nearly 300 jobs – at risk.

The lender is also ramping up artificial intelligence and automation use in a bid to save at least £400 million by the end of 2028 following its £2.65 billion takeover of TSB.

The operator has 305 Santander and 175 TSB branches across the UK.

Boss Mahesh Aditya, who took over from former chief executive Mike Regnier earlier this year, said: “Our ambition is to combine leading digital services with the personal support customers value. 

“I see branches as an important part of our strategy and do not intend to close any additional Santander or TSB branches before 2028 at the earliest.”

The pledge came in half-year results that showed profits had slumped by almost a third after a near-£180 million hit in the first quarter for the motor finance scandal.

The operator was also affected by higher bad debt and restructuring charges.

The high street lending giant – owned by Banco Santander – reported a 31 per cent fall in pre-tax profits to £528 million for the six months to June 30.

This followed an extra £179 million set aside in the first three months of the year to cover costs of the motor finance mis-selling saga, where millions of deals were sold with hidden commission from a range of UK lenders.

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