The Yorkshire said it plans to close 20 Yorkshire Building Society branches and 28 Norwich & Peterborough branches from September this year, putting 440 jobs at risk.
This will leave a high street network of 260 branches and agencies across the UK, with Yorkshire Building Society as the sole high street brand within the group.
The society plans to close its Norwich & Peterborough current accounts to existing customers and withdraw the brand from the high street over the next year.
The Yorkshire said the driving forces behind the proposed branch closures are shifts in market conditions and an increasing desire among customers to go online rather than on the high street.
The Norwich & Peterborough brand has been part of Yorkshire Building Society since 2011.
Mike Regnier, chief executive of Yorkshire Building Society, said: “As a mutual, it is important that we always act in the best long-term interests of our membership and evolve the business in line with their changing needs. We believe these proposals give us greater focus on providing existing and future members with the things they want from us most: a safe place for their savings and funding to buy their own home, and providing these in an easy and simple way.
“We therefore no longer believe it is the right commercial position for us to continue to maintain these 48 branches across the N&P and Yorkshire network.”
Clydesdale and Yorkshire Bank
The announcement came just days after Clydesdale and Yorkshire Bank announced it is shutting 79 branches, which will result in 400 job losses.
This represents one-third of its branch network and is the largest ever closure plan by CYB. The bank said that since 2011 customer numbers using branches have reduced by a third.
Representing the bank’s staff union, Rob MacGregor, Unite national officer, said he was bitterly disappointed: “Unite is clear that the closure of a third of the bank’s branches will not only be concerning for staff but the local communities which will see their bank branch close. This cost cutting plan leaves customers with less choice for local banking.
“The union has called on the bank to give a commitment to mitigate compulsory redundancies where possible and that they will reconsider closing any bank branches that are the last bank in a town.”