Banking Hub Company looks to install cash services in towns where banks have closed branches

A new company will help install cash services in towns across Britain where banks have closed their branches. 

The Banking Hub Company has appointed former Lloyds Banking Group veteran Gareth Oakley as its chief executive. 

Natalie Ceeney, who leads the Cash Action Group which is aimed at protecting access to cash, will chair the operation. The company will oversee the rollout of money services in communities that face the closure of a cash machine or bank branch. 

Towns stuck in this situation will have their cash needs assessed by Link, the provider of ATMs. If Link decides a banking hub is required, the banks have committed to set one up – which will be overseen by the Banking Hub Company. 

Banking hubs involve the largest High Street banks jointly providing cash services in a shared space, with representatives from each bank occupying a counter on certain days of the week.