HSBC has decided to extend its commitment not to close any more branches until at least 2027, following the closure of over 700 branches over the past decade. The banking giant has now assured that it will not axe any of its remaining 327 branches next year and will invest nearly £56 million in enhancing its network. This decision comes after facing criticism, along with other banks, for the widespread closure of branches that has left many communities without easy access to face-to-face banking services.
The reduction in branches has had a significant impact on the elderly, vulnerable, and low-income households. Moreover, the closure of branches has often resulted in the removal of free-to-use ATMs. While banks attribute the closures to the increasing shift towards 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 monthly transactions conducted through self-service machines.
Statistics show that more than 6,000 bank branches have been shut down since 2015, with an average closure rate of 53 branches per month. HSBC alone has closed 743 branches during this period. The bank has pledged to invest £55.8 million in refurbishing and modernizing its remaining branches on top of the £42 million spent in 2025. This investment will focus on upgrading existing branches across the UK, with 100 branches already renovated. The improvements range from major renovations to the establishment of Premier Centers in 29 branches, along with the introduction of two Wealth Centers and minor enhancements in 78 locations.
In addition to physical branches, HSBC has introduced various community banking touchpoints, including 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 complex needs. She highlighted the bank’s commitment to expanding its high street presence through community services like Banking Hubs and HSBC Local events.
Christopher Dean, managing director of Wealth, Premier, and Personal Banking at HSBC UK, emphasized the bank’s focus on providing excellent service through various banking channels to meet customer accessibility needs. HSBC’s decision to retain all branches open for another year aligns with its strategy to enhance customer service and expand community services. This announcement comes shortly after Nationwide building society declared its plan to keep all 696 Nationwide and Virgin Money branches open until at least 2030.