RBS and NatWest to extend retail banking footprint with PO

[TrueBlueTerrier]

RBS and NatWest to extend retail banking footprint with UK Post Office

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British banks, NatWest and Royal Bank of Scotland (RBS) will extend their retail banking services to personal and business customers through the Post Office from later this year, to include pay-ins of cash and cheques.

The lenders, which will leverage the Post Office's 11,500 locations, will extend services to customer enabling them do their every day banking in a total of 22,500 locations including branches, ATMs and Post Offices across the UK.

The recent deal between the banks and the Post office increases the possibility of closure of many NatWest and RBS branches, as the bank is seriously implementing plans to reduce the operational expenses.

Most recently, media sources reported that RBS is planning to eliminate more than 20,000 jobs at its investment and retail banking operations.

Both banks will also be able to tap the strong customer base of the Post Office and it currently handles around 11.5 million transactions.

According to a study, 90% of the UK population lives within one mile of a Post Office, while 99% within three miles.

RBS UK retail CEO Les Matheson said, "Our customers are changing the way they bank with us.

"They want to be able to do their everyday banking in a variety of different ways - where and when it is convenient for them.

"We're delighted to be able to extend our service with the Post Office to give our customers more choice in how they do their banking with us," Matheson added.