HSBC has made a commitment to not close any more branches until at least 2027, following the closure of over 700 branches in the past ten years. The bank has announced that it will not shut down any of its remaining 327 branches next year and will invest nearly £56 million in enhancing the network. This decision comes after widespread criticism of HSBC and other banks for their extensive branch closure programs, which have left many communities without convenient access to in-person banking services.
The reduction in branches has disproportionately affected the elderly, vulnerable, and low-income households, leading to a loss of free-to-use cash machines in many areas. While banks attribute branch closures to the increasing popularity of online banking, HSBC stated that their network continues to see significant usage, with an average of 825,000 customers visiting a branch each month and over two million transactions conducted through self-service machines.
Since 2015, it is estimated that more than 6,000 branches have been closed by various banks, at a rate of 53 closures per month, with HSBC accounting for 743 of these closures. HSBC’s recent pledge to invest £55.8 million in its existing branches builds upon the £42 million spent in 2025. This investment will focus on refurbishing and modernizing branches across the UK, with 100 branches already upgraded. The improvements range from major renovations to the establishment of Premier and Wealth Centers in select branches.
Additionally, HSBC has emphasized its commitment to local communities through various banking touchpoints, including shared Banking Hubs, Cash Access UK devices, and cash pods. Sally Williams, the head of the branch network at HSBC UK, highlighted the importance of physical branches in providing a wide range of specialized services under one roof.
Furthermore, Christopher Dean, managing director of Wealth, Premier, and Personal Banking at HSBC UK, emphasized the importance of accessibility for customers and the ongoing investment in all banking channels to ensure excellent service. HSBC’s announcement follows a similar commitment made by Nationwide building society to keep all of its 696 Nationwide and Virgin Money branches open until at least 2030.