Nationwide chief executive Debbie Crosbie has indicated that the building society is reviewing its branch network and may open new locations in areas where a customer need is identified. This potential expansion stands in contrast to a trend of significant branch closures by rival banking institutions across the United Kingdom.
Crosbie stated at Nationwide's annual general meeting that the company is examining the current distribution of its 696 branches, alongside those recently acquired from Virgin Money. "We're doing some work looking at where all our branches are, where the Virgin Money branches are, and thinking carefully about whether there are any spots where it would make sense for us to open new branches," she said. She added that this review is ongoing and any decisions would be communicated to members.
A Nationwide spokesperson elaborated that the consideration of new locations is a response to competitors continuing to shut down their branches. "While this is very much a starting point, any new branch would need to be supported by sustainable, long-term demand so it can continue serving its community for years to come," the spokesperson noted.
Nationwide has committed to keeping all of its existing 696 branches open until at least 2030, a promise that includes branches acquired through the recent takeover of Virgin Money. The building society currently operates the most branches in Britain, having recently surpassed Lloyds Bank in number.
This strategy diverges from the actions of other major banks. Barclays, for instance, has drastically reduced its physical presence, closing 85% of its branches since December 2015, from 1,374 to 206. Barclays UK chief executive Vim Maru has acknowledged that the bank may have closed too many branches and has indicated a potential for new openings and the reintroduction of the bank manager title.
Lloyds Bank is discontinuing the Halifax brand, and analysis suggests that both brands operate in 178 shared high street locations, raising questions about the future of these sites. Additionally, there are indications that Santander might phase out the TSB brand it acquired in April, with 103 locations featuring both Santander and TSB branches.
The annual general meeting also saw high member engagement, with all board-endorsed directors, including Crosbie, being re-elected. The meeting was notable for a contested election for the first time since 2005, initiated by a member-nominated candidate. In financial year ending March 31, 2026, Nationwide reported a statutory pre-tax profit of £1.49 billion and provided a £100 "Fairer Share" bonus to eligible members for the fourth consecutive year. Approximately 4.4 million members qualified for this bonus in the recent payout.