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Banco de Sabadell to shutter 250 branches in Spain in 2017

Banco de Sabadell SA intends to shutter 250 bank branches in Spain in 2017, representing 11% of its local branch network, Reuters reported Dec. 23, citing "a source at the bank."

Through the move, the Spanish lender aims to reduce costs and offset decreasing profit margins as well as meet increasing customer demands for online services, the source told Reuters.

Having already shuttered 92 branches in 2016, the additional 250 branch closures will result in the relocation or early retirement of 800 workers, the source said. However, Expansión said all affected workers would be laid off, Reuters noted.