Mound bank to close its doors after 200 years

Published on Friday 25 September 2009 01:12

MORE than 200 years of banking history is to end in Edinburgh on news that Bank of Scotland is to close its branch on the Mound.

The outlet opposite the famous former headquarters will shut early in 2010 as part of a shake-up that will see two other city centre branches close.

A new branch will open on the Royal Mile in a modern development that is already home to an Italian fashion house's hotel and two restaurants.

No jobs are under threat from the overhaul of the bank's city centre operation, with most staff due to transfer to the new outlet, which will be opposite Deacon Brodie's public house.

The North Bank Street branch was created five years ago amid a high-profile campaign against the closure of the one at the bank's Mound headquarters, which date back to 1806.

Banking chiefs at HBOS announced the surprise move when they unveiled plans to restore the landmark building into a new headquarters and banking museum.

They later agreed to open a new branch on the other side of the road in an attempt to head off criticism that the bank's history was being eroded.

However, the several thousand customers who were able to retain the historic Mound address on their accounts will now have to be transferred to the new branch on the Lawnmarket.

The two other branches to close when the new one opens in January are at Chambers Street, opposite the Museum of Scotland, and on Castle Street.

The 45 staff affected by the closures will either be moving to the new branch or will be relocating to other city centre branches at George Street, Shandwick Place and Earl Grey Street, at Tollcross.

A spokesman for Bank of Scotland said: "We will write to all customers with accounts registered at all of the affected branches later this year to explain what these changes mean for them. No account numbers or sort codes will change as a result.

"The new branch will have six customer counters, four ATMs, seven meeting areas and a help and advice desk. The new branch will employ around 25 people. The new branch will serve retail and business customers, over three floors totalling 7,000sqft."

Ken Lynch, the regional director of the bank, added: "The Royal Mile is a prestigious location and we are looking forward to opening our doors to customers early next year."

Graham Birse, the deputy chief executive of Edinburgh Chamber of Commerce, said: "The history of banking is being rewritten as we speak and we are very much in a new era now.

"Although Bank of Scotland has a very long history on the Mound, it's more important that its branches are now able to meet modern-day needs and demands from customers."

The original headquarters were finished in 1806 after four years of construction, but the respected architect David Bryce carried out major work between 1864 and 1871, adding two wings to the building, creating the great hall and carrying out other alterations.

Bryce, who was Grand Architect for Scotland and a member of the Royal Scottish Academy, was best known for building Fettes College, as well as for his work on the bank.