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Santander plans to axe a fifth of its UK branch network

Santander plans to axe a fifth of its UK branch network
FILE PHOTO: Spanish bank Santander's Executive Chairman Ana Botin presents the bank's new logotype during the annual general shareholders meeting in Santander, Spain March 23, 2018. REUTERS/Eloy Alonso/File Photo   -   Copyright  Eloy Alonso(Reuters)
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LONDON (Reuters) – Santander has announced plans to axe almost a fifth of its branch network in the UK.

The Madrid-based lender’s UK business said it would close 140 branches across the country, with 614 retained.

The bank said it had consulted with trade unions on the proposed changes and would try and find alternative roles for the 1,270 staff affected, with around a third expected to be redeployed.

It will invest 55 million pounds in refurbishing the remaining branches.

(Reporting by Iain Withers, Editing by Lawrence White)

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