HSBC announces mass branch closures
Seven branches will shut next year across the west country
Last updated 30th Nov 2022
HSBC is going to close more than 100 branches across the UK next year including seven in the west country, saying far less customers are physically going to the bank.
In total 114 will shut their doors beginning in April 2023, though the firm says tens of millions of pounds will be invested in updating and improving the remaining branch network.
Those due to shut in our area are as follows:
- Bristol Downend (on 25 April, 2023)
- Bristol Filton (on 30 May, 2023)
- Bristol Westbury on Trym (on 1 August, 2023)
- Frome (on 6 June, 2023)
- Wells (on 20 June, 2023)
- Portishead (on 4 July, 2023)
- Chippenham (on 15 August, 2023)
Jackie Uhi, HSBC UK’s Managing Director of UK Distribution, 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."
Stats published by HSBC to accompany the news, say more over nine in 10 transactions (97.5 percent) are now completed digitally.
The bank also says use of its branches by regular customers has fallen by 65 percent in the last five years and some that are set to close are seeing fewer than 250 customers a week.
“Branches will continue to play an important role in day-to-day banking, while providing specialist face-to-face support in moments that matter," Ms Uhi said.
"In addition to our branch network, customers can access services through the Post Office network, our Community Pop-ups and soon-to-come Banking Hubs, alongside Live Chat, social media and through telephone banking."
She adds that the decision to close a branch is "never easy or taken lightly" especially if the branch in question is the last in that particular area.
“Our commitment to supporting the UK’s new banking hubs and other community access to cash initiatives under development remains steadfast and we look forward to significant and quicker progress being made in 2023, now much of the groundwork for setting up Cash Access UK Ltd, has been done," she said.
Responding, the West of England Mayor Dan Norris has stressed the need for guaranteed in-person banking across the city, saying since 2015, nearly half the UK's bank branches have closed.
"This is concerning news," he said.
"The announcement that HSBC’s Downend, Filton and Westbury on Trym branches will close next year will come as a big blow to locals, and particularly grates when the company have just announced bumper quarterly profits.
"It’s inevitable that banks and banking systems will continue to move with the times and innovate and change, but the Tories’ failure to protect these services risks cutting off thousands from essential goods and services, particularly those poorer and older residents who rely on face-to-face services more than others."