Spain’s Sabadell plans to close around 10% of its branches in Spain in 2020

Sabadell

Spain’s Banco Sabadell plans to close around 200 branches here in Spain in 2020.

As of end-September, Sabadell had 1,893 branches mostly in Spain, meaning the upcoming closures would imply a 10% reduction in offices.

Like other European banks, Spanish lenders are struggling to lift earnings as low interest rates squeeze financial markets, they are increasingly focusing on trimming costs and boosting efforts to sell services on digital platforms.