Business

Co-operative Bank to close 37 branches

Co-operative bank branch
Image caption The Co-operative Bank has agreed to take over more than 600 Lloyds branches

The Co-operative Bank has announced it will close 37 branches across the country, with the loss of 34 jobs, mainly at managerial level.

However, the bank will still have a presence in all the towns where the branches close.

The closures are part of an overhaul following the bank's 2009 merger with the Britannia Building Society - whose name will disappear from branches.

The Co-op will have about 300 branches following the closures.

This will rise to almost 1,000 once the deal to take over more than 600 Lloyds Banking Group branches is completed.

About 4.8 million Lloyds customers will eventually be transferred to the Co-op, giving it about 7% of the current account market, under the terms of the deal.

Under the planned deal, 283 Lloyds TSB branches in England and Wales will move over to the Co-op, along with 164 branches of Cheltenham & Gloucester, and 185 Lloyds TSB Scotland branches.

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