CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

RBS to close several branches across Scotland

Article By: ,  Financial Analyst
May 22, 2015 11:26 AM

The Royal Bank of Scotland (RBS) has announced it will be closing several of its branches this year.

RBS said that it was a "difficult decision" to shut the high-street locations, but that alternative ways of using their banking services will still be available to customers in the areas affected by the closures.

Some of the locations to be shut down include Brae in Shetland, Goldenacre and Tollcross in Edinburgh and West Blackhall Street in Greenock.

The BBC reports that branches in Lochinver, Lybster and in the Highlands and Stromness in Orkney will also be closing.

RBS is the only bank still operating in the town of Invergordon – and that branch will be shutting down too.

In a statement, RBS said that they will be writing about the closure of the branches to all customers who use the banks – and that they will be providing further details "well in advance of the closure date". Display posters will also be up in branches to help spread the word among customers.

"We will work hard to engage with all of our customers, local businesses and the wider local community between now and the closure date to ensure they are aware of the alternative ways of accessing their banking with us in the local area, and to answer any questions they might have," the statement explained.

The bank cited a variety of reasons for closing the selected branches – including a decreased number of transactions.

Closure concerns

RBC has received criticism from Highland councillors and MSPs over the move.

Maxine Smith, councillor for Cromarty Firth said she found the decision "very concerning."

She explained that many people do not have access to online banking.

"In areas of social deprivation, such as Invergordon, people really need to be able to have physical access to a bank without the cost and inconvenience of travelling to another town," she said.

The bank said it is committed to following UK government protocol on branch closures. "We have made the decision following careful consideration of a wide range of factors including branch usage and the alternative ways our customers can bank with us locally," it added.

RBS has recently indicated that it will start taking steps for the government to sell down its 79 per cent stake in the company. Shareholders have been asked to approve the cost of producing the documents and fees associated with the process.

On Thursday (May 21st), RBS shares closed at 354.70p – up 60p from the opening price.

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024