As Spain reopens after the COVID-19 crisis, its banking industry is seizing the opportunity to shrink its swollen branch network which has long been a drag on profitability, with just four banks so far planning at least 800 branch closures this year.
) both plan not to reopen some of the branches they closed during the lockdown imposed in Spain to curb the pandemic, according to sources.
But in Spain around 65% of product and service contracts are still agreed in branches, compared to less than 50% in Europe as a whole. That’s left Spanish lenders wary about cutting off access to branch services, particularly in rural areas. “We get rid of all the fixed costs, we turn them into variable costs, and this obviously has a very relevant impact on efficiency over time,” Joaquin de Velasco said.
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