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Eurozone's largest bank to close up to 450 branches in Spain: report

Xinhua, April 2, 2016 Adjust font size:

Banco Santander, the eurozone's largest bank by market value, will close between 400 and 450 branches in Spain and will lay-off workers, Spain's economics newspaper Expansion reported Friday.

Banco Santander will close between 11 percent and 13 percent of its 3,467 branches in Spain in order to have bigger branches with around eight workers more focused on advising clients on several issues such as mortgages, credits or other similar products involving commitments in the medium and long term.

On the other hand, it will close the smallest ones, with between one and three workers, because according to the bank they only perform mechanical transactions, something that the clients are increasingly doing on their own through mobile devices and computers.

The number of dismissals has not been decided yet, however, unions estimate between 850 and 1,100. Some of the workers would be transferred to other branches, the bank said, while others would be laid off. An agreement is expected to be achieved before the summer. Endit