High street banking isn’t disappearing – at least not at HSBC. The bank has guaranteed all of its 327 branches will stay open until at least 2027 and said it is pumping £55.8 million into refurbishments.
The investment – a 30% rise on this year – will fund 100 branch upgrades, 29 Premier Centres, two Wealth Centres, and decorative improvements at 78 locations.
At the same time, the bank continues to expand its HSBC Local community events and shared Banking Hubs across the UK.
The move by HSBC follows a pledge by the Nationwide building society to keep its entire network of 696 branches open until at least the state of 2030.
The commitments to keep branches open comes against the background of thousands of closures across the big banks and building societies in recent years, triggering fears over the future of face to face banking and access to cash.
Over the past five years, the total number of branches across all brands has fallen by more than one‑third, from about 10,410 in 2019 to around 6,870.
Finance giants argue these closures were driven by the shift towards online and mobile banking, coupled with cost pressures and changing customer habits.
However, they have been a major blow to many high streets and millions of customers, particularly the elderly who favour in-person banking and small businesses.
Sally Williams, Head of the Branch Network at HSBC UK, explained the decision to protect its remaining branches, saying: “Through our branch network, customers have access to a range of specialist services under one roof, ranging from Premier, Wealth, Mortgages or Business Banking.
“We are investing heavily into our physical network so that we can continue to service our customers, including those with more complex needs who value in-person interaction for those moments that matter.
“Not only are we keeping all branches open for at least another year, but our presence on the high street is expanding each year through our growing network of community services, including Banking Hubs and HSBC Local events.”
Christopher Dean, Managing Director of Wealth, Premier and Personal Banking, added: “Extending our Branch Promise until at least 2027 reinforces our long-term commitment to local communities and the high street.”
HSBC said 825,000 customers visit branches each month, with more than 2 million monthly transactions through self-service machines. Its Trustpilot score has hit a record 4.5/5, and its branch service is ranked third among competitors.
The extended Branch Promise and major investment underline what HSBC says is its ambition to prove that, even in the digital age, the high street still matters.
