LONDON: Virgin Money, a United Kingdom bank in which tycoon Richard Branson holds a near 14-percent stake, is to close almost one-third of branches as online banking accelerates, it has announced.

"The number of customers using bank branches for day-to-day transactions has been on a downward trajectory for a number of years," Virgin Money said in a statement on Thursday, explaining its decision to shut 39 branches, putting around 260 jobs at risk.

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