Nationwide chief executive Debbie Crosbie hinted the building society could open more branches in areas where there is a 'need'.

Britain's biggest mutual has already vowed to keep all its 696 branches open under a promise guaranteed until 2030, including Virgin Money ones it now operates after completing a takeover in April.

Building on that promise, Crosbie told the mutual's annual general meeting yesterday: 'We're doing some work looking at where all our branches are, where the Virgin Money branches are, and thinking carefully about whether there are any spots where it would make sense for us to open new branches.

'It's work that is going to take us some time. I can say it's currently under review, and there may be a few locations that we identify the need for a new branch, and we will update our members as soon as we've made that decision.'

A Nationwide spokesman told This is Money: 'With many competitors continuing to close branches, we are starting to consider new locations where there is a clear customer need.

'While this is very much a starting point, any new branch would need to be supported by sustainable, long-term demand so it can continue serving its community for years to come.'

Openings would fly in the face of a wave of closures from rivals in the past decade. Last month, Nationwide leapfrogged Lloyds Bank to be the brand with the most branches.

Barclays has been the worst offender for shuttering branches. It now operates in just 206 sites across England, Scotland and Wales, down from 1,374 in December 2015 – an 85 per cent cull.

Barclays UK chief executive Vim Maru admitted earlier in the year it may have closed too many branches, has no more slated for closure and hinted it could open new ones. He also revealed plans to reintroduce the bank manager title.

Meanwhile, Lloyds Bank is axing the Halifax brand and our analysis shows it currently operates both brands on high streets in 178 locations, putting those sites in doubt.

There have also been strong hints that Santander could ditch the TSB brand it bought in April. There are 103 locations with a competing Santander and a TSB.

Nationwide says the AGM saw its highest voter and member engagement in 15 years and all ten board-endorsed directors - including Crosbie - secured their re-election.

But for the first time since 2005, it was a contested election. The ballot featured a member-nominated candidate, James Sherwin-Smith.

In May, Nationwide reported a statutory pre-tax profit of £1.49billion for the financial year ending 31 March 2026 and paid out a £100 Fairer Share bonus to eligible members for the fourth year in a row.

Around 4.4million were eligible for the payment this year, compared to 3.4million when it made its first payment in 2023.

Crosbie received £3.2million in bonuses for 2025/26, nearly doubling her total annual compensation package to £4.67million - up 88 per cent on the previous year.