Santander Pledges No UK Branch Closures Until 2028

Santander has committed to keeping 480 bank branches open across the United Kingdom until at least 2028. This network includes 305 Santander sites and 175 TSB branches, following the bank's £2.9 million acquisition of TSB earlier this year. While the TSB brand will be phased out and integrated into Santander's UK operations, CEO Mahesh Aditya stated that physical branches remain central to the bank's strategy and announced plans to modernize the network through new Work Cafes.

The pledge arrives during a period of financial instability. The bank's pre-tax profits fell 31% to £528 million in the first half of the year, impacted by restructuring costs and a motor finance mis-selling scandal. To offset these losses, Santander is implementing a cost-cutting program aiming for £400 million in savings by 2028 through the use of automation and artificial intelligence.

Consumer advocates have reacted critically to the announcement. Sam Richardson of Which? Money argued that the commitment is too late, noting that Santander has shut two-thirds of its branches since 2015. Richardson emphasized that the previous closures have already caused significant damage to communities, particularly for elderly and vulnerable customers.