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German Banks to Close 5,500 Branches by 2020, Die Welt Reports

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June 14 (Bloomberg) -- Germany’s banks will close 15 percent of their branches, or about 5,500 outlets, by 2020 as more customers use the Internet for banking, Die Welt reported, citing a study by Investors Marketing Services.

The closing of 464 branches by private lenders, savings banks and building societies in 2011 means the number of outlets has been cut to 37,719, from 67,920 in 1995, the newspaper said.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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