Co-Operative bank branch, in George Lane, South Woodford, closure to go ahead this week despite opposition

The South Woodford branch of the Co-Operative bank, in George Lane, will close on Wednesday (June 24).

It was announced in March this year that it would be shut along with 56 other branches by the bank this year.

This is despite the public, including 64-year-old Aldersbrook resident Robert Ford, and councillors calling for a rethink on plans because of fears it would “significantly inconvenience the elderly” who do not use online banking.

Others spoke of being reluctant to change their accounts to other banks because of Co-Op’s ethical lending policies.

Robert Ford regularly takes the W14 bus to South Woodford to visit the branch and said he wanted to remain banking with Co-Op because of its ethical lending policy. 

The bank claims it has declined £1billion of lending between 1992 and 2013 including refusing to support businesses with links to the manufacture of torture equipment, or the trade of weapons to oppressive regimes.

When the branch closes, the nearest Co-Op will be in Hoe Street, Walthamstow, or High Road, Ilford.

Paul Denton, head of the branch network, said the closure was “necessary” to sustain the business in the future.

He said: “The decision to close our branch in South Woodford has not been taken lightly but is necessary as part of the changes we are seeking to build a sustainable business for the future.

“The nearest alternative branch in Walthamstow is approximately three miles and there are two Post Office branches nearby where customers can undertake most day to day banking transactions, as well as others in the area.

“We’re committed to maintaining the high levels of service that our personal and business customers have come to expect from us and are writing to affected customers giving them advance notice about these changes and the alternative options available to them."