HSBC UK set to close 114 bank branches next year

HSBC has announced it will close 114 bank branches across the UK from April 2023, citing a shift of customers from physical to digital banking.

HSBC closes 114 bank branches across UK

Over the past five years, patrons’ use of the branch network has decreased by 65%, and 74% of closed branches said their footprint had decreased by “at least 50%.”

HSBC said: “Since the Covid-19 pandemic, the decline in branch usage has accelerated so much that some branches are closed, serving fewer than 250 customers per week.” said.

Banks claim that 9 out of 10 transactions are now digital, and mobile banking app usage has nearly tripled since 2017. It adds that nearly all personal loans (99%) and credit cards (98%) are now issued digitally. Check usage is also declining.

Jackie Woohi, Managing Director, UK Distribution, HSBC UK, said:

The decision to close a branch is never easy and is not taken lightly, especially when it is the last branch in a region. It’s been a long time,” adds Uhi.

HSBC said it plans to expand the capabilities of its digital banking services and invest “tens of millions of pounds” in updating and improving its remaining branch network as part of its New Year’s branch network review.

To support customers impacted by branch closures, HSBC is distributing 1,500 units to those who cannot afford or have access to equipment to assist with digital banking and one-on-one coaching for some customers. of Samsung tablet devices for free. We help you transition to digital banking.