National Bank of Belgium to close half its remaining branches

The National Bank of Belgium plans to terminate its operations in Mons and Hasselt in 2016, it announced today – halving the number of branches it operates from four to two.

The central bank is based in Brussels and currently has branches in Liège, Hasselt, Kortrijk and Mons. At one stage it had 23 branches, but has consolidated this number gradually over the past 15 years.

The most recent casualty was the central bank's branch in Antwerp – Belgium's second largest city – which was closed at the end of last year, and resulted in the sale of one of the city's most iconic buildings.

Mons and Hasselt are next. "Their core business is cash processing, that is to say, acceptance, verification and delivery of parts and euro banknotes," the central bank said, in a statement.

"Due to the continued decline in activity related to banknote handling, the National Bank has decided to further consolidate its network."

This is similar to the logic applied in the decision to close the Antwerp branch. Luc Dufresne, the central bank's secretary-general, explained then that the automation of cash handling and the introduction of the euro had restricted the branches' work.

The central bank explained that the volume of banknotes passing through the branches was "insufficient" to justify their operation. Its operations in Mons will close first, on June 30, and those in Hasselt will follow suit on December 31.

"As in the past, the Bank guarantees job security for all staff members," the central bank said. "The coming months will be utilised to organise the relocation of staff working in the two [branches]".