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Dutch lender Rabobank to close branches as clients shift online

Netherlands-based lender Rabobank will close roughly half its local branch offices in coming years to cut costs as clients switch to digital banking, it said on Thursday. Rabobank said it hopes to relocate employees to other locations and avoid job cuts.

Reuters | Updated: 12-11-2020 13:55 IST | Created: 12-11-2020 13:18 IST
Dutch lender Rabobank to close branches as clients shift online
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Netherlands-based lender Rabobank will close roughly half its local branch offices in coming years to cut costs as clients switch to digital banking, it said on Thursday.

Rabobank said it hopes to relocate employees to other locations and avoid job cuts. Business newspaper Financieele Dagblad, citing internal documents, reported earlier Thursday that there could be an unspecified number of job cuts.

Rabobank, best known internationally as an agriculture lender, cut 10,000 jobs, or roughly a fifth of its workforce, in recent years as part of cost-cutting measures. The number of local branches will be reduced to 100-150 nationwide from a current 230, spokesman Eric Lagerwey said. Rabobank has already closed about 100 locations this year, he said.

In July, leading Dutch bank ING said it would close a quarter of its bank branches in the Netherlands as the pandemic has accelerated the switch to digital banking.

Also Read: Dutch COVID-19 wave recedes, hospitals still strained

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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