News Column

Spanish Banks Cut Branches to Lowest Number Since 1980

July 6, 2014
spanish banks

Madrid, July 6 (EFE).- Banks have responded to the financial crisis by reducing the total number of branches in Spain to 14,063, the lowest level since 1980, the Spanish Banking Association, or AEB, said.

Financial institutions operating in Spain closed nearly 5.5 percent of their branches last year, the AEB said.

Banks eliminated 2,969 positions, or 2.65 percent of the total, in 2013, with 109,023 people on financial institutions' payrolls at the end of the year, the AEB said in its annual statistics report.

Spanish banks operated 13,867 branches as of Dec. 31, 2013, while European banks had 185 and financial institutions from outside the European Union ran 11.

Of the 88 national banks operating in Spain in 2000, only 57 were still around at the end of 2013, while the number of foreign institutions rose from 51 to 86 during the same period.

Some 106,969 of the 109,023 people employed by banks were working in Spain as of the end of 2013, while 2,054 held jobs at offices abroad.

The majority of bank employees - 102,531 - were on the payrolls of Spanish banks, while 6,127 worked for European banks and 365 were employed by non-EU institutions. EFE


(c) 2014 EFE News Services (U.S.) Inc.

Original headline: Spanish banks reduce branches to lowest number since 1980

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Source: EFE Ingles

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