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3 UK banks to open joint business banking hubs

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3 UK banks to open joint business banking hubs

Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC and Barclays PLC unveiled plans to launch joint business banking hubs across the U.K. following criticism that their branch closures were damaging small companies, Reuters reported March 11.

The hubs, which will have extended opening hours than traditional branches, will allow businesses to pay in larger volumes of coins, notes and checks and offer cash exchange transactions.

The banks will pilot six joint branches before making a final decision on the project. During the initial rollout, the hubs will be staffed to ensure that the self-service units are functioning properly, a spokesman for RBS unit NatWest told Reuters.

Cash management vendors G4S PLC and Vaultex will run the branches, which will not use the brands of any of the three lenders, the report noted.