UK Banks Create Company To Set Up Shared Banking Hubs

The top banks in the United Kingdom (UK banks) have come together to pay for the development of shared banking hubs throughout the country.

The nine banks – Nationwide Building Society, NatWest Group, Santander, Barclays, HSBC, Lloyds Banking Group, Danske Bank, Virgin Money, and TSB – have incorporated Cash Access UK, an independent non-profit company, to offer cash access, deposit, and other basic banking services where they are required, throughout the UK.

Chief executive of UK Finance, David Postings, said:

“While many people are now opting to manage their money digitally, we want to ensure that people can continue to access cash and do their banking face to face too. The creation of Cash Access UK Ltd is an important step towards a network of banking hubs across the country.

“So far 29 hubs have been announced and the industry is fully behind getting these up and running as quickly as possible.”

This news comes a week after the Bank of England outlined its new measures to underpin retail access to cash for businesses and people under new powers granted in the Financial Services and Market Bill.