RBS is set to shut 162 branches in a bid to cut costs as more customers take up online banking – with the High Wycombe branch set to close its doors in August.

The Royal Bank of Scotland, which is 72 per cent owned by the taxpayer, says that more than 790 jobs will be lost as a result of the branch closures.

A total of 109 branches will close in late July and August this year, with the High Wycombe store, in Pauls Row, shutting down on August 2.

These branches are within 0.6 miles of another Royal Bank of Scotland or NatWest branch, the group said.

RBS pointed out that since 2014, branch transactions across its English and Welsh operations are down 30 per cent, while there has been a 53 per cent increase in the number of customers using mobile banking, and mobile transactions have increased by 74 per cent.

A further 53 branches will close in November 2018, all of which are between 0.6 and 2.5 miles of another Royal Bank of Scotland or NatWest branch.

An RBS spokesman said: "We are no longer launching Williams & Glyn as a challenger bank, and we now have two branch networks operating in close proximity to each other; NatWest and Royal Bank of Scotland, in England and Wales.

"As a result we have had to review our overall branch footprint in England and Wales and we've made the difficult decision to close a number of Royal Bank of Scotland branches.

"Customers of Royal Bank of Scotland in England and Wales will be able to use NatWest branches instead for their everyday banking needs.

"We now provide our customers with more ways to bank with us than ever before - customers can choose from a range of digital, face-to-face and local options to suit their needs."