HSBC has today announced the planned closure of 62 of its UK branches in 2017, which will bring the number of branches it has in the UK to 625 by the end of 2017. HSBC has no intention to close any further branches in 2017 and this marks the end of its branch restructuring programme.
The decision to close the branches reflects a change in the way customers are banking, HSBC’s continued investment in digital banking, and its objective to achieve a sustainable branch network for the long-term. HSBC is investing more than USD1 billion in its digital channels to enhance its capabilities, a significant part of which is in the UK.
Over the past five years, the number of customers using HSBC branches has fallen by almost 40%. 93% of customers’ contact with the bank is now completed via the telephone, internet or smartphone, and 97% of cash withdrawals are made via an ATM.
Francesca McDonagh, HSBC Head of Retail Banking and Wealth Management for UK and Europe, said:
“The way our customers bank with us is changing. More customers are using mobile and internet banking than ever before, innovation such as Touch and Voice ID has proved extremely popular, and fewer people are using branches. More than 90% of our interactions with customers are now through our digital channels – an increase from 80% last year.
“The decision to close these branches ensures a more sustainable branch network for the future as we continue to invest in our digital platforms and our people. We will have fewer but better branches, with more empowered front line colleagues using a greater range of technology to support all our customers' needs.
“Our priority now is to work with our colleagues, our customers and the communities impacted by today’s announcement. We are contacting customers to explain the decision and help them with alternative ways to bank with us. We will offer customers individual sessions to help explain their options or provide help in setting up telephone, mobile or internet banking.”
HSBC will seek to redeploy as many of the people impacted as possible although it is expected these closures may result in up to 180 redundancies.
Antonio Simoes, Chief Executive of HSBC Bank plc, said:
“This marks the end of our branch restructuring programme. We now feel we have the right branch network that complements the other ways in which customers now choose to interact with us. We will continue to invest for the benefit of our customers as we build HSBC UK, a better bank for our people and customers.”
All branches will close in line with the BBA Access to Banking Protocol. In order to best support customers, HSBC is putting a number of measures in place to help customers, and already has a partnership with the Post Office so customers can continue to carry out their day to day banking in all 11,600 Post Office locations. 93% of people in the UK live within one mile of a Post Office and 99% within three miles.
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The following table lists the 62 branches HSBC has announced will close in 2017.
|BLACKPOOL, BIRLEY STREET||LEYBURN|
|BRISTOL COLLEGE GREEN||MAESTEG|
|BROMPTON ROAD||MANCHESTER UNIVERSITY|
|CARDIFF, CHURCHILL WAY||MARLBOROUGH|
|CARLISLE, KINGSTOWN ROAD||MIDSOMER NORTON|
|FINCHLEY CHURCH END||WARMINSTER|
|GERRARDS CROSS||WATH UPON DEARNE|
HSBC Bank plc,
HSBC serves c17 million customers in the UK and employs approximately 45,000 people. In the UK, HSBC offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and corporate and institutional banking services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 4,400 offices in 71 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,557bn at 30 September 2016, HSBC is one of the world’s largest banking and financial services organisations.
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