RBS confirms branch closures

<p>Branch closures have been announced by RBS.</p>

The share price of Royal Bank of Scotland (RBS) has fallen today (April 3rd) on the back of an announcement by the bank that it is closing dozens of UK branches.

RBS stated that 44 branches have to be closed to save money, but the bank has been criticised as some of these are the last remaining bank in their local area.

As RBS is partly owned by the UK taxpayer after its government bailout during the recession, the decision to close branches has proven to be controversial.

A spokesman for RBS suggested that banking has changed in recent years, with consumers increasingly logging into internet and mobile apps to use their accounts.

He said: "We have to adapt to what our customers want, which is why we're investing in a range of other ways our customers can bank with us, including online and telephone banking, our mobile app, and in any one of the Post Office's 11,500 branches across the UK."

Following today's announcement by the bank, shares in RBS slipped back. By 04:08 BST, the share prices of the bank was down by over two per cent on the start of the session.

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