THE branch of Yorkshire Building Society (YBS) in Monmouth is to close after an announcement yesterday revealed plans to make changes to the building society’s branch network and product range.

The branch, in Agincourt Square, Monmouth, is one of 20 YBS branches earmarked for closure from May this year.

As part of the shake-up the society will also close all 28 of its Norwich and Peterborough branches from May, leaving YBS as the sole high street brand for its 3.3 million customers.

Mike Regnier, Chief Executive of Yorkshire Building Society, said: “We continually review all areas of the business to ensure we remain focused on what our members require while utilising their money as effectively as possible. This means we must sometimes make adjustments to the way the business operates.

“We remain fully committed to providing the face-to-face service that many of our members value and are planning to maintain a strong and sustainable national branch network.

“The driving forces behind the proposed branch closures are shifts in market conditions and an increasing desire among customers to transact digitally rather than on the high street. We therefore no longer believe it is the right commercial position for us to continue to maintain these 48 branches across the N&P and Yorkshire network.

“These proposals would help us achieve that aim and further reinforce Yorkshire’s position as one of the most trusted financial services providers in the UK.”