SANTANDER UK, the British arm of Spain's Banco Santander, announced on Wednesday that it plans to close 95 of its 444 branches, putting around 750 jobs at risk.

The closures, set to begin in June, will reduce the bank’s branch network by about a fifth.

Following the changes, Santander UK will operate 349 outlets, including 290 full-service branches and 36 with reduced hours.

Like other banks in Britain, Santander has been cutting branch numbers as more customers shift to digital banking.

The bank reported a 63 per cent increase in digital transactions since 2019, while financial transactions in branches have dropped by 61 per cent over the same period.

The closures have drawn criticism from UK lawmakers, who argue that widespread reductions in bank branches make it harder for local businesses and vulnerable customers, especially in rural areas, to access banking services.

In September, the Financial Conduct Authority introduced new rules requiring banks to ensure communities have free access to alternative cash services before shutting branches.