Co-operative Bank to shut its Newport branch
The Co-operative Bank is to shut its branch in Newport - leaving customers facing a nine-mile trip to their nearest counter.
The bank has announced its High Street branch will shut on June 8. The decision was blamed on changes being made to the bank's business plan.
It means the nearest branch for Newport account holders will be at Market Square, Wellington.
The Co-operative is currently one of five major banks with a presence in Newport.
Patrick Beech, chairman of the town's Chamber of Commerce, said it was a shame but was confident the other banks – Barclays, Lloyds, HSBC and NatWest – would stay in the town and that the empty building left by the Co-op would be filled quickly.
He said: "I feel it is a shame, it is going to affect a lot of people especially older people who cannot drive and they have to ship their accounts elsewhere and also it is going to be another empty premises.
"I think it will be filled pretty quickly because it is in a good position and it is modern, good premises."
He added: "From what I understand, they have relocated the staff I understand one is going to Wellington, one has taken retirement and the manager is going to Stoke, so they have been relocated. I don't think it will set a trend for the banks in the town, it is a one off."
Paul Denton, head of branch network at The Co-operative Bank, said: "This change is part of our business plan to turn the bank around by restructuring and modernising into a simpler, more efficient business. The decision to close our branch in Newport has not been taken lightly but is necessary."
