A Gwent town is to be left without a bank after Barclays confirmed they are to close a branch in Caerphilly County Borough.

Risca’s Barclays on Tredegar Street will close on or before Friday May 17, 2024.

Explaining the closure, the bank said 46 customers use the branch regularly as the only way to do their banking and 32 per cent of this branch’s customers have used nearby branches in the last 12 months.

According to further information provided by the bank 86 per cent of customers who use the Risca branch also accessed services online.

Last month, Bargoed was left without a bank after its last remaining branch, also a Barclays, closed. 

HSBC closed its branch on the same street in 2016 and HSBC’s Blackwood’s store is to close on July 25 this year.

Last week Barclays confirmed that 73 branches nationwide will close this year. 

The banking industry has pointed to data showing that fewer people are using their branches to justify an increasing number of closures during recent years.

However, critics say some of the more vulnerable members of society – especially those in older age groups who are less confident on the internet – will be left without access to services they understand.

New cash machine network to open in Risca

LINK, the organisation which operates the UK’s cash machine network, said it will open a banking hub in Risca for customers to access face-to-face banking services.

LINK believes the town will benefit from a new banking hub as part of a wider commitment to protect access to cash, the hub is due to open in early 2024.

The hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

There will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy.

The banks will work on a rotating basis, there will be staff from different banks available on different days.

Nick Quin, Head of Financial Inclusion, LINK: "We know the way we pay for things and bank is changing. Yet not everyone is able to bank online or use digital payments.

“Many consumers and small businesses still rely on face-to-face banking and cash. That’s why we’re pleased to confirm Risca has been selected for a banking hub.”