HSBC has announced that it will not close any more branches until at least 2027, following the closure of over 700 branches in the past ten years. The banking giant has confirmed that none of its remaining 327 branches will be axed next year and will instead invest nearly £56 million in enhancing its network. This decision comes after receiving criticism for the mass closure of branches, which has limited access to face-to-face services in many towns and suburbs.
The closure of 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 shift towards online banking, HSBC stated that customer usage across its network has remained strong, with an average of 825,000 customers visiting a branch monthly and over two million transactions carried out through self-service machines.
Estimates indicate that more than 6,000 branches have closed since 2015, with an average closure rate of 53 branches per month, including 743 closures by HSBC alone. HSBC’s recent pledge of £55.8 million for branch investments is in addition to the £42 million spent in 2025. The funds will be used to refurbish and modernize branches across the UK, with 100 branches already upgraded, including the creation of Premier and Wealth Centres.
In local communities, HSBC offers various banking touchpoints, such as shared Banking Hubs, Cash Access UK devices, and cash pods. Sally Williams, head of the branch network at HSBC UK, emphasized the importance of physical branches in providing specialized services to customers. Christopher Dean, managing director of Wealth, Premier, and Personal Banking at HSBC UK, highlighted the ongoing investment in banking channels to ensure excellent customer service.
HSBC’s commitment to keeping all branches open for at least another year aligns with its strategy to expand community services, including Banking Hubs and HSBC Local events. This announcement follows Nationwide building society’s pledge to keep all 696 Nationwide and Virgin Money branches open until at least 2030.