Lloyds Bank has announced that it will close its Shanklin branch on the Isle of Wight later this year.

The banking giant has revealed that 24 Lloyds branches will close in 2022, alongside 19 Bank of Scotland branches and 17 Halifax branches – a total of 60 locations.

The decision to close face-to-face tellers nationwide was blamed on the shift to online banking, which has reduced demand at High Street branches such as Shanklin.

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It is said that 124 jobs will be affected but no compulsory redundancies will be carried out, with employees having the option of changing positions within the group.

The Isle of Wight will end up with only 2 branches in Ryde and Newport. Previously there were branches in Bembridge, Cowes, Sandown, Shanklin and Freshwater.

Lloyds Banking Group Retail Director Vim Maru said today (Wednesday):

“Like many other street businesses, fewer customers are choosing to visit our branches.

“Our branch network is an important way for us to support our customers, but we must adapt to the significant growth in the number of customers who choose to do most of their day-to-day banking online. »

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It is unclear when Lloyds Bank in Shanklin will close, but it is expected to be in the summer between June and September this year.

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