Newbridge residents are facing the prospect of having no local bank, after Lloyds announced it will be closing its branch in the town.
Following on from the closure of HSBC and Barclays in Newbridge over the past two years, Lloyds’ has said its decision to close 23 branches nationwide in October comes as a result of falling demand.
Lloyds claim the Newbridge branch only has 52 regular, weekly customers, 91% of whom also use other branches elsewhere.
A spokesperson for Lloyds Bank said: “We have made the difficult decision to close the Newbridge branch on October 11, 2016.
“This branch has been identified for closure because of the changing way customers choose to bank with us, which has resulted in customers using it less often.
“The majority of customers also now regularly use alternative branches or other ways to bank such as online and telephone banking to complete their banking needs.
“We apologise for any inconvenience that this may cause and have informed customers of the closest alternative branch.”
However Chris Evans, MP for Islwyn, has called on banks to adapt and boost their customer service to avoid more closures.
Speaking at a backbench business debate on Friday, July 1, Mr Evans expressed his concern for local businesses and elderly residents who could be affected.
He said: “As more bank branches close in my constituency and across the country, more people face the prospect of not having a local bank.
“While so many people use online and telephone banking, this is simply not an option for many.
“If bank branches have become commercially unsustainable and will continue to close, as trends across the country suggest, then banks will have to think of ways to adapt to ensure nobody gets left behind.”
Earlier this year, Mr Evans set up a petition to save HSBC in Risca from closing, which attracted several hundred signatures, but could not prevent the closure last month.
Lloyds Bank says it will be realigning Newbridge customers’ accounts to the Blackwood branch, over two miles away, stating longer opening hours and free on-street parking as perks.
One such local business which will be affected by Lloyds’ closure is Brian Crane Butchers.
Despite being based in Maesycwmmer, the business banks with Lloyds in Newbridge, and owner Chris Hayman said he feared for the “big impact” the closure would have on the town.
He said: “Newbridge is made up of local shops and businesses, small coffee shops, nail salons, barbers, and a lack of cash points in town is really going to hinder the way those businesses are run, and it’s going to lead to people paying on card more often, and as a result getting charged more for their goods.
“Having to drive to Blackwood simply isn’t financially viable for businesses who already pay to bank.”
Steffan Lewis, Plaid Cymru AM for South Wales East, called on the Welsh Government to step in to aid the financial future of the town, saying: “I’m very concerned that the knock-on effect of such inconvenience may mean fewer people visiting the town centre and a negative impact on local shops.
“I think the Welsh Government needs to be creative and step in to help Newbridge.
“Lloyds Bank is part-owned by the UK Government, and I believe they should be made to continue to provide a cash point at the premises in Newbridge even if the branch itself is closed.”