Glasgow-based Clydesdale Bank will lose 60 of 217 branches and Yorkshire Bank 40 sites, a fifth of its network, within the next 18 months.
NAB outlined the cost-cutting plans to axe 4,200 jobs from its Australian and UK operations as it revealed its half-year financial results.
The bank had already announced in March that up to 1,700 jobs were to be lost in the UK as it looked to save up to £117 million a year at the Clydesdale and Yorkshire.
Yolande Stratford, spokesperson at NAB, explained that the closures were in response to the changing needs of customers. She said: “Our research has shown that in any one month 75 per cent of our customers do not use a branch at all and 11 per cent use a branch only once.
“Third-party distribution is a key growth area and intermediaries are a vital part of our expansion into the mortgage market.”
James Cotton, mortgage specialist at London & Country, said: “The Clydesdale has really stepped up its products over the past couple of months. I’m sure that its business volumes are up and it’s good to hear NAB’s commitment to intermediaries.”
