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Risca will be the latest town in Caerphilly County Borough to be left without a bank, after Barclays confirmed the closure of its branch.

Last month, Bargoed was left without a bank after its last remaining branch, also a Barclays, closed.

Barclays, on Tredegar Street, Risca, will close its doors for good on May 17 next year. HSBC closed its branch on the same street in 2016.

Explaining the closure, banking giant Barclays, which recorded a £1.8billion profit in the first quarter of 2023, said 86% of customers who use the Risca branch also accessed services online.

According to an information sheet issued by Barclays, 46 customers regularly use the bank.

Banking hub set to open

Following the announcement, LINK, the organisation which operates the UK’s cash machine network, said it will open a banking hub in Risca for customers to access face-to-face banking services.

There are currently four banking hubs up and running in the UK in Devon, Lanarkshire, Yorkshire and Essex. Around 100 locations have been earmarked for a banking hub.

Banking hubs are a shared banking space, similar to a traditional bank branch, but available to everyone. The hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

There will also be private spaces where customers can speak to staff from their own bank for more complicated matters on set days.

Over the next few weeks, LINK will begin to engage with the local community and to start looking for potential sites. The hub will likely open in early 2024.

Nick Quin, Head of Financial Inclusion, LINK: “We know the way we pay for things and bank is changing. Yet not everyone is able to bank online or use digital payments.

“Many consumers and small businesses still rely on face-to-face banking and cash. That’s why we’re pleased to confirm Risca has been selected for a banking hub.”

Islwyn MP Chris Evans has backed the move by LINK and said: “I know residents are deeply concerned about banking services in the area, and I believe a new hub is essential.”

In 2019, the MP backed a pilot scheme by Barclays to find new ways of keeping branches in towns open. Risca was included in the trial, with Barclays promising not to close the branch for at least two years.