HSBC has made a commitment to keep its remaining 327 branches open until at least 2027, following the closure of over 700 branches in the past ten years. The banking giant plans to invest nearly £56 million in its branch network instead of closing any branches next year. This decision comes after facing criticism, along with other banks, for widespread branch closures that have limited access to face-to-face services in many towns and suburbs.
The closure of branches has disproportionately impacted the elderly, vulnerable, and low-income households, leading to a loss of free-to-use cash machines in many areas. While banks attribute branch closures to the increasing shift to online banking, HSBC stated that customer usage across its network remains strong, with an average of 825,000 customers visiting a branch monthly and over two million transactions conducted through self-service machines.
Statistics indicate that more than 6,000 bank branches have shut down since 2015, with an average closure rate of 53 branches per month. HSBC alone closed 743 branches during this period. The bank’s recent pledge includes an investment of £55.8 million in refurbishing and modernizing its existing branches, building Premier and Wealth Centers, and making improvements across various locations.
In addition to physical branches, HSBC provides banking touchpoints in local communities through shared Banking Hubs, Cash Access UK devices, and cash pods. Sally Williams, head of the branch network at HSBC UK, emphasized the importance of in-person services for customers with specialized needs. Christopher Dean, managing director of Wealth, Premier, and Personal Banking at HSBC UK, highlighted the bank’s ongoing investment in all banking channels to enhance customer service.
HSBC’s commitment to keep all branches open for at least another year aligns with its strategy to expand community services, including Banking Hubs and local events. This announcement follows Nationwide building society’s decision to maintain all its 696 branches open until at least 2030.
