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RBS to shut 259 more branches

Royal Bank of Scotland Group Plc said it has decided to close a further 259 branches, noting that more and more of its customers are choosing to do their daily banking activities online or mobile.

The closures, which will affect 62 Royal Bank of Scotland Plc branches and 197 National Westminster Bank Plc branches, are expected to result in 680 redundancies, the bank said.

"As customers continue to change the way they bank with us, we must change the way we serve them, so we are investing in our more popular branches and shaping our network, replacing traditional bricks and mortar branches with alternative ways to bank, including Community Bankers, Mobile Bank on Wheels and Post Offices, so that we can reach even more customers," RBS said.

RBS added that it intends to keep compulsory redundancies at an "absolute minimum."

The development followed news that RBS has closed the bad bank created to run down noncore operations and debt amassed before, during and after the 2008 financial crisis.

It also came after British peer Lloyds Banking Group Plc announced plans to close 49 branches.