POLITICS & INSTITUTIONS - ECONOMY

BGL BNP Paribas closing branches



363805.jpg

BGL BNP Paribas will cut 7 bank branches from its network. Library picture: Matic Zorman 

The Luxembourg bank BGL BNP Paribas said it would permanently shutter 7 of its 41 branches as clients increasingly shift to digital banking.

The bank’s Bettembourg, Clervaux, Esch-Benelux, Jardins de Luxembourg, Larochette, Vianden and Wasserbillig branches have been closed since mid-March due to the covid-19 outbreak. They will not reopen, BGL BNP Paribas stated in a press release on 22 October.

The move will apparently not create any redundancies. Staff will serve clients out of other branches, where they have already been assigned, the bank said.

Clients significantly stepped up their use of electronic banking tools during the lockdown, when all branches were temporarily closed, a trend that continued after restrictions were gradually lifted, according to the bank.

BGL BNP Paribas is one of Luxembourg’s top 10 largest employers, with roughly 3,830 staff. It posted a consolidated net profit of €199.5m on net banking income of €792.6m for the six months ending 30 June. Those are rises of +9% and +5%, respectively, over the same period last year.