Security firm G4S may soon run your local bank branch

G4S hopes to offer banking services on the high Street in a move which could help save rural branches.

The security giant is seeking a foothold in buildings used by the major banks. It would see customers go to a desk run by G4S staff to cash cheques, transfer money and place deposits.

There would be a separate desk run by the bank’s own staff offering products such as loans, mortgages and insurance.

The move could help save dying branches as banks seek to cut back on their costs and shut down unprofitable outlets.

G4S european chief executive Graham Levinsohn said: ‘It is clear from the number of closures that banks don’t want tellers to be counting cash inside branches.’

G4S already deals with £300bn a year or 30pc of all the cash in Britain through its handling services. And its staff are already working in some Dutch bank branches. Britain’s biggest banks have shut around 600 branches in the last year. Lenders suggest there is a decline in demand for traditional over-the-counter services, with more and more banking online. But campaigners argue suburbs, market towns and seaside retirement areas tend to be hardest hit, ruining the lives of vulnerable people who rely on their local branch.

elsewhere in europe, G4S is going a step further and seeking to open its own branches. These will offer services from multiple banks under one roof, meaning customers from all of them can come in and do basic banking.

This one-stop shop approach has been discussed in the UK, with some preliminary work already carried out. But many lenders are believed to oppose the idea as it would involve working more closely with competitors.

G4S is seeking to repair its shattered reputation in Britain. It failed to provide enough security staff for the 2012 Olympics, forcing the Army to step in.

And the firm has long been dogged by accusations of poor conditions at detention centres it runs on behalf of the Government.

The Ministry of Justice took over one of its young offenders’ facilities in Kent earlier this month following allegations of abuse.

G4S fell 0.6pc or 1.2p to 187.3p.