HSBC UK will close 114 offices in the UK, one in four in the country

Madrid, November 30 (European Press) –

British bank HSBC UK, owned by HSBC Holdings, has announced the closure of 114 UK branches, 25% of the country’s total network, from April 2023 in response to changing customer habits that continue to migrate from brick-and-mortar to digital banking.

The entity noted that once the closures are complete, its UK office network will be reduced to 327 branches, while it will make a significant investment in expanding HSBC’s digital banking functions in the UK.

HSBC Bank UK explained that over the past five years, the use of its branch network by regular customers has decreased by 65%, indicating that demand for the branches that will be closed has decreased by at least 50%, indicating that some of the affected branches serve less. From 250 clients weekly.

Conversely, the growth in adoption of remote banking demonstrates the need to prioritize a digital approach, as 97.5% of transactions are now completed digitally and 99% of all personal loans, as well as 98% of credit cards are now taken out digitally. .

Jackie O’Hea, Managing Director, explained: “People are changing the way they bank, and traffic in many branches is at an all-time low, with no sign of returning. Remote banking has become the norm for the vast majority.” from U.S”. UK distribution at HSBC UK.

He added: “Branches will continue to play an important role in daily banking services, providing specialized face-to-face support at important moments,” noting that in addition to the branch network, customers can access services through the network of post offices and upcoming banking centers, in addition to chat. Direct, social media and phone banking.

“We have invested heavily in our post-lockdown strategy, which includes providing free tablets to selected sub-customers who do not already have a device to bank digitally, along with personalized advice to help them transition to digital banking.”