Standard Bank just spent four years opening as many branches as it closed in 2019, with the new ones being smaller.
The bank says that it hopes to expand its current footprint of 652 branches by around five percent in 2024.. However, just a year later, the bank began reopening branches and to date, it has opened as many as 100 new branches in the last four years.announced on Monday morning that it intended to increase its branch footprint of 652 in 2023 by five percent this year. The key difference here is that the branches that are being opened will be smaller.
The idea here is that branches will be used to meet specialised needs while customers make use of digital channels for most other banking activities. While the opening of physical branches is sure to create jobs, we have to wonder how many jobs are being created as compared to the number of jobs lost when Standard Bank shuttered 104 branches five years ago. We’ve asked Standard Bank why it decided to spend four years undoing what it did in 2019 but it didn’t respond to Hypertext’s questions by time of publication.
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