HSBC has pledged that it will not announce any new closures of its bank branches until at least 2026. In light of the cost of living crisis, HSBC has committed to expanding face-to-face banking to support older or vulnerable customers, the branch bank confirmed.
HSBC UK has committed to helping account holders who feel disadvantaged by not having access to internet banking, meaning the bank will have to keep its 327 branches open for the next year and a half, and possibly longer.
Christopher Dean, HSBC’s UK head of customer channels, said: “We know our 327 branches play an important role in serving our customers, which is why we are investing more than £50 million in refurbishment and remodeling across our network this year.”
READ MORE: DWP warning on housing benefit after pensioners cost Labour £15bn
Although the number of repeat customers at HSBC branches has fallen by 65% over the past five years, the bank is determined to maintain locations and has already pledged not to close any locations in 2024. It noted that five million customers have visited branches so far this year, citing that face-to-face options are being used particularly for more complex banking transactions.
HSBC plans to expand its services in shared banking centres. By the end of this year, the bank aims to offer services in 100 such centres, up from the current 41. In these centres, employees of different banks can use the same premises and offer essential services such as cash withdrawals, deposits and cheque payments.
HSBC’s 327 branches are expected to remain open for at least another year and a half, and this period may even be extended. Since 2015, more than 6,000 branches have been closed, including Lloyds, NatWest and Barclays, which are drastically reducing their nationwide network.
HSBC has closed more than 700 branches during this time. After HSBC has already closed 114 branches in 2023, the company has announced a halt to further closures this year.
