BNP Paribas Fortis is to close 267 of its 678 branches by 2021, the bank said on Friday. No less than 2,200 people are set to go. “The acceleration of the digital transformation in our customers’ banking habits is now involving significant investment in transforming our distribution model,” said BNP Paribas Fortis.
“To achieve this, we have to take account of digital and distance banking, whilst retaining a strong physical presence in the Belgian banking market,” the company further said.
From the current 678 branches, the bank will reduce to 592 by the end of the year and 411 at the end of 2021. The consequence will be the loss of 2,200 jobs.
There are some 800-1,000 voluntary redundancies likely from the company under the terms of the new collective bargaining agreement (CCT) which has been agreed in principle.