HSBC to Close Quarter of UK Branches in 2023

By Michael Susin

HSBC Holdings PLC said Wednesday that it will close 114 branches in the U.K. from April as it shifts toward digital banking.

The lender said the decision follows a change in customer habits as use of its branch network has seen a fall of 65% over the past five years, which accelerated since the Covid-19 pandemic. The footfall in most of the closing branches reduced by at least 50%, it said.

Following the closures, HSBC U.K. will have a network of 327 branches, it said.

"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," Managing Director of U.K. distribution Jackie Uhi said.

The company, however, didn't disclose how many staff are affected by the decision.

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

November 30, 2022 08:03 ET (13:03 GMT)

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