HSBC has announced that it will not be closing any more branches until at least 2027, following the closure of over 700 branches in the past ten years.
The banking giant has confirmed that it will not shut down any of its remaining 327 branches next year. Instead, it plans to invest nearly £56 million in the network. This decision comes after criticism directed at HSBC and other banks for their mass closures, which have left many communities without access to in-person banking services.
The reduction in branches has disproportionately affected elderly, vulnerable, and low-income households, leading to a lack of free-to-use cash machines in many areas. While banks attribute branch closures to the increasing shift towards online banking, HSBC revealed that its branches continue to see significant foot traffic, with an average of 825,000 customers visiting monthly.
Reports indicate that more than 6,000 bank branches have closed since 2015, with HSBC alone shutting down 743 branches during that period. HSBC’s recent investment pledge of £55.8 million in its remaining branches is part of its ongoing efforts to enhance customer experience. The funds will be used to refurbish and modernize branches across the UK, with significant upgrades already completed and more in progress.
The bank also highlighted its commitment to community banking through various touchpoints, including shared Banking Hubs and Cash Access UK devices. Sally Williams, head of HSBC UK’s branch network, emphasized the importance of in-person interaction for customers with specific financial needs.
Christopher Dean, managing director of Wealth, Premier, and Personal Banking at HSBC UK, echoed the importance of accessibility and continuous investment in banking channels to provide excellent service tailored to customer preferences. This commitment follows Nationwide building society’s recent announcement to keep all its branches open until at least 2030.
As part of its strategy, HSBC aims to expand its high street presence through a growing network of community services and events. The bank remains dedicated to serving customers through a combination of physical branches and digital channels, ensuring a seamless banking experience for all.