Ulster Bank has said that it is planning to close down a total of 40 branches during this year and next year as part of a plan to revive the bank.

The bank said that it is aiming to transform the institution into a smaller, lower cost and profitable bank. The bank will close down mainly rural branches to reduce costs but will keep about 175-185 branches open compared to 214 at present and 238 in 2012. The bank also said that the remaining branches will be focused on urban centres and have reduced staff.

The bank is also planning to invest in developing its internet banking services in order to encourage customers to increase online usage. The bank had announced 950 job losses in January 2012 and has indicated that another
350 jobs will be cut due to plans to close down rural branches but said that the process will be carried out through natural attrition.

Jim Brown, chief executive of the Ulster Bank Group said, "We need to continue to invest in digital to give our customers smarter banking when and where they need it. Online is a key distribution channel." He also said that the bank will improve the ways in which the customers can deal with it, like online banking services.