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Sunday, May 26, 2024

1 in 4 HSBC branches to close next year

Britain’s biggest lender HSBC is closing 114 high street branches from next April as customers opt for online services.

Numbers of people using the physical HSBC stores has dipped as they flock to use the mobile banking app to manage their money.

The lender had already said it would close 59 branches in March, bringing the number to shut up to one in four.

Smart phones have enabled Brits to manage their finances without needing to go to a physical branch, making it a better option than working around bank opening times.

Older people

However, the move could be set to upset pensioners – some of whom who still rely on cash – feeling unable to do their banking.

Branches in Bethnal Green, Putney and Surrey are among those set to shut.

Jackie Uhi, managing director of UK distribution at HSBC, said: “People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning. Banking remotely is becoming the norm for the vast majority of us.”

“Not only can we do it anywhere at any time of day or night, many more things can be done at the customers’ convenience and don’t rely on a branch visit.”

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