Birmingham Midshires is to get rid of all its high street branches in a phased programme to be completed by next March. The company will close 48 of its 67 branches, while the remaining 19 will become Halifax-branded. Customers will be given the option of banking at their nearest Halifax branch. Those still wanting branch access will be able to use any of the 1,100 Halifax and Bank of Scotland branches. The 470 branch staff will be offered alternative roles in the company or in the wider Halifax branch network. This move is part of Birmingham Midshire's strategy to become a leading direct mortgage and savings provider, with all its mortgage business conducted through direct and intermediary channels.
Our view
This has been and will continue to be a frequent occurence in the UK as services become cheaper here and overseas. Expect more of the same in the finance industry.