Home Stock & SharesBanks Airdrie Savings Bank staff could be offered TSB vacancies

Airdrie Savings Bank staff could be offered TSB vacancies

by Jonathan Adams

Staff at Airdrie Savings Bank could be offered vacancies at TSB after it was announced the business will close.

The institution has confirmed all of its 70 employees are at risk of losing their jobs after it has been plagued by financial difficulties in recent years.

Employees of the North Lanarkshire-based bank, the UK’s only remaining independent savings bank, were summoned to a meeting by bosses on Wednesday and were told the entire business will be wound up.

All of its 40,000 accounts will be shut by April, while chief executive Rod Ashley confirmed to STV News that compulsory redundancies could not be ruled out.

The bank’s loan book will be transferred to TSB Bank with the rest of the business to be wound up by autumn time this year. The remaining branches in Airdrie, Coatbridge and Bellshill will be shut as a result of the move.

The Scottish Government has said it will offer support to ASB staff and also revealed TSB will share vacancies with them and welcome applications.

A Scottish Government spokesman said: “Sadly, Airdrie Savings Bank advises that it is no longer able to compete in a changed banking world and the board has made the difficult decision to wind down now, in a controlled and orderly manner, thereby protecting customer deposits.

“This reflects the bank’s prudent, careful approach to banking, which has served their local community well over many years and which will be sadly missed.

This article is for information purposes only.
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