Chief executive Dan Frumkin, who has been at the helm since 2020, said the bank was no longer looking to open town branches.
He said: "We will do stores only if they make sense for us." Frumkin added in a newspaper interview: "I am not falling into the old trap of the prior leadership team where we will open stores to say we've opened stores. We will open stores only if the maths works. The location needs to work.
"We screen every location. If you go back five or six years, before I got here, we were screening locations with a heavy retail component.
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