The Globe and Mail reports in its Tuesday, April 5, edition that Canada's biggest banks could save significantly by closing branches, says a Bank of Nova Scotia report from Mike Rizvanovic. The Globe's Stefanie Marotta writes that Mr. Rizvanovic noted the six largest banks could boost their personal banking efficiency ratios by 8 per cent by closing branches within three kilometres of each other. Among the group, Toronto-Dominion Bank would have the most to gain theoretically if it were to close locations within a three-kilometre proximity, which would result in a 41-per-cent cut to its expansive branch network. "While management teams have consistently noted the importance of the Canadian branch network, we believe that the increasing digitization of financial services allows for a more rapid pace of branch consolidation in the years ahead," Mr. Rizvanovic said. TD, however, said Monday that it remains committed to investing in its branch network, as physical locations remain essential for business growth and client acquisition. TD is also assessing staffing, hours and locations based on local needs. Critics say cutting bank branches leaves rural and remote communities with less access to banking services.