HSBC to close 82 branches in 2021

HSBC bank was set to close 82 branches in the UK between April and September of 2021 as customers increasingly rely more and more on digital banking.

The closures come without redundancies, said the managers on Tuesday. Staff will be moved to nearby branches instead.

The lender will be left with 511 branches across the country following the closure programme.

Included in the planned closures were HSBC's branch of Princes Street (Edinburgh) which would be the first to shut down in April. The region most affected by the closures will be London with 14 branches set to be shut.

HSBC justified the closures claiming that customers were switching to digital banking so there was no need to have as many branches open.

The bank said that the number of customers using branches had fallen by a third over the past five years and that 90% of all customer contact was now conducted over the phone, internet or smartphone, in addition to social media.

Campaigners against the closures argued that local branches provided a lifeline for those who needed access to cash and face-to-face services, allowing small businesses to bank without too much disruption to their own trade.

Jackie Uhi, HSBC UK's head of network, said: "The Covid-19 pandemic has emphasised the need for the changes that we are making.

"It hasn't pushed us in a different direction but reinforces the things that we were focusing on before and has crystallised our thinking. This is a strategic direction that we need to take to have a branch network fit for the future."