CaixaBank has planned to close down over 800 branches out of the 4,461 now in operation in the whole of Spain by 2021, as part of its 2019-2021 strategic plan.
While some 40% of the over 3,000 branches in urban areas will be closed down, the roughly 1,000 in rural places will be kept.
The financial institution presented its project for the near future in London on Tuesday.
The strategic plan argues that the reduction of branches intends to ‘optimize’ the network throughout Spain – and in exchange digital banking will be prioritized ‘to boost efficiency and flexibility’.
The model of ‘store’ branches, focused on assessing the clients and with longer opening hours, will be in exchange increased from 285 to over 600 by 2021.
These measures aim to contribute the firm increasing its profit from 9.4% to 12% within 3 years.
CaixaBank is also looking to continue with an international expansion, as it has been doing in recent years.