The closures represents around 13% of the bank’s 3,467 branches in Spain. Majority of the affected branches employ less than four people.
The bank did not reveal the exact number of job cuts, but Spanish media reports have indicated that about 1,000 employees may lose their jobs.
The closures were announced to the staff through an internal memo that was reportedly signed by Rami Aboukhair, country head for Spain.
It stated: "The financial sector in Spain is facing a period of great changes. The current economic context, the heightened regulatory requirements and the shift in client behaviour towards new technologies make it necessary to move forward more rapidly with our commercial transformation."
Santander is planning to renovate about 350 offices this year, under a new concept that focus more on multichannel advisory services instead of simple transactions.
The bank intends to save EUR3bn by the end of 2018 by doubling the number of customers who undertake operations digitally instead of its expensive branch network.
BancoSantander has expanded since 2000 through several acquisitions, with operations across Europe, Latin America, North America and Asia.
Image: Santander bank in Rio de Janeiro, Brazil. Photo: courtesy of Eduardo P.
