KBC has announced that it will be transforming 65 of its bank branches into fully automated services by the end of the year, while completely closing branches at a further 51 different locations.

According to KBC, this move is in response to “changing customer behavior”, as more and more people choose to do the majority of their banking online.

“In the first quarter of 2019, 57% of our customers were doing all of their banking digitally,” said the bank in a statement. “Moreover, it makes no economic sense to operate offices that are very seldom used by our customers.”

KBC has stated that its 65 converted branches will be equipped with state-of-the-art bank machines that will allow customers to withdraw cash, read and print their account statements, and make transfers. KBC has also claimed that those employees affected by these changes will not be fired, but merely relocated.

Once these reforms have been enacted, KBC will have a network of 350 branches and 190 ATMs in Flanders; KBC Brussels will have 31 branches and 3 ATMs in the capital; and in Wallonia, KBC’s CBC subsidiary will have 86 branches.

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UBS Bank was also found guilty of engaging in similar anti-competitive practices, although it was not fined due to the fact that it was the bank originally responsible for disclosing the existence of such collusion to the Commission back in 2013.

“The Commission’s investigation has revealed that these banks exchanged sensitive information relating to the foreign exchange market, and often coordinated their operations and business strategies,” said the press release. “Such exchange of information, which was largely a result of a tacit agreement between the participating banks, allowed them to make informed market decisions about whether to sell or buy various currencies at different times.”

In determining the size of the fine, the Commission took into account the overall value of the sales and purchases made by the banks in question, as well as the degree of seriousness and duration of each particular offence.

The press release also emphasised that “any person or company harmed by anti-competitive practices such as those described in this case may appeal to the courts of the relevant Member State to claim damages.”

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