HSBC promises not to close any branches before 2026

12th Aug 2024 13:59

(Sharecast News) - Banking giant HSBC vowed to make no further branch closures until at least 2026 on Monday as it promised to spend more than £50.0m on updating and improving its branch network.

HSBC said it would keep its 327 UK branches in operation for the next 18 months, even as it said the number of regular customers visiting branches had dropped by an average of 65% over the last half a decade.

Christopher Dean, HSBC's head of UK customer channels, said: "We know that our 327 branches play an important role in serving our customers, which is why we are investing more than £50.0m in refurbishing and remodelling works across our network this year."

HSBC also said it would offer services in 100 shared banking hubs by the end of the year, up from 41.

As of 1425 BST, HSBC shares were up 0.45% at 645.37p.

Reporting by Iain Gilbert at Sharecast.com