Two more banks to close in the Valleys

TWO banks in the South Wales Valleys are set to shut as part of swingeing bank- ing cuts announced yesterday.

Across the UK, 150 Natwest and Royal Bank of Scotland are set to close with the loss of 470 jobs and eight branches in Wales. The closures are being blamed on a “dramatic shift” in the way that customers use banks – with a switch to people banking online or through apps.

The Natwest in Aberdare will shut on September 21 and the bank’s branch in Ystrad Mynach is scheduled to close on October 4.

The Royal Bank of Scotland first warned of job cuts and branch closures earlier this year, after announcing annual losses of £7bn.

It was revealed last month that bank branches are closing at record rates.

Data compiled by The Mail on Sunday shows 423 bank and building society branches have either closed or been put on notice of closure already this year.

In Wales this year there are already 36 branches already shut or set to close.

A spokesperson from RBS said: “We have seen a dramatic shift in the way our customers are choosing to bank, with more using mobile and online over traditional branch counters.

“Simple transactions undertaken in branch at NatWest and Royal Bank of Scotland have fallen by 43% since 2010, while online and mobile transactions have increased by more than 400%.”

A Natwest spokesman said: “Since 2011 we have seen the number of transactions in the Aberdare branch decline by 31% and in Ystrad Mynach by 26%. These customers are actively choosing to bank in different ways.”