Chinese banks cut branches at a faster pace as costs bite and digital banking grows in popularity


Source: scmp.com scmp.com

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Chinese banks are accelerating the pace of bank branch closures this year as they seek to ramp up digital services and reduce costs. Mainland lenders have closed 430 bricks-and-mortar locations in the first three months of this year, mainland media reported citing the China Banking and Insurance Regulatory Commission, that’s at a faster clip than 1,300 closures last year. The country already boasts one of the world’s highest rates for transactions completed away from physical bank locations, known as “off-counter rates”. These transactions, which include online and mobile banking, rose 12 per cent in 2020, topping 2,308 trillion yuan (US$352.5...