TSB bank in Fareham to close next year as part as plans to close 82 UK branches

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TSB has announced it is closing its branch in Fareham next year.

The bank, in West Street, will shut its doors for the final time on October 22 2020.

Picture: Gareth Fuller/PA Wire

Picture: Gareth Fuller/PA Wire

Last week the company confirmed plans to close 82 branches across the UK, as part of a three-year plan intended to help the bank turn a profit of £130 million to £140 million by 2022.

It also has banks on Arundel Street in Portsmouth and Elm Grove on Hayling Island.

TSB said it would invest in new flagship branches while automating some tasks away from workers.

The Fareham closure is another blow to the town’s retail sector, following a series of other closures in recent years.

This includes the M&S in the shopping centre, but this has since been replaced by a Beales department store.

In a statement last week, TSB’s chief executive Debbie Crosbie said: ‘Our new strategy positions TSB to succeed in a challenging external environment at a time when we know customers want something different and better from their bank.

‘The plan we're sharing involves some difficult decisions, but it sets TSB up to succeed in the future. Taken together, these changes will help us to serve more customers, better, for the long-term.’

The company has 1.6 branches per 10,000 active customers in 2018, it said, ahead of the UK average of 0.8 branches.