NONE of Hampshire's eight Alliance & Leicester branches will feel the axe that is set to descend on 15 per cent of the financial giant's high street network.

The group is to close 46 of its 300 branches because of the increasing popularity of Internet and telephone banking.

A company spokesman told the Daily Echo that Hampshire workers will be spared.

Outside the county, more than 300 staff - including 111 full-time workers - will be affected by the closures, which will take effect from October 1.

Richard Pym, Group Chief Executive, said: "To continue to deliver great value products, we have to focus our cost investment on the locations and channels our customers now prefer to use.

"Times are changing. British banking customers are not visiting their branches every week or even every month. They are finding it more convenient to use the telephone, the Internet and cash machines for regular transactions and are increasingly looking at branches as places for more complex issues. Eighty per cent of transactions do not require any direct contact with our staff."

A&L said a strong branch network remained an important part of its business, with £35m due to be invested in its high street facilities over the next three years. Customers will also be able to use Post Office branches to access their accounts.