HSBC UK has “committed” to maintaining all 327 of its branches until at least 2027, extending the “branch promise” it first introduced two years ago in a win for Britain’s high streets.
Analysis from consumer champion Which? found that more than 6,000 bank branch closures have taken place in the UK between 2015 and 2024 with hundreds taking place this year also.
Despite this trend, financial institutions such as HSBC appear to be “investing heavily” in in-person interactions even though more customers are opting to use online banking services.
The banking giant is also significantly ramping up spending on its physical network, with plans to invest £55.8million next year. This represents a roughly 30 per cent increase from the £42million allocated in 2025.
HSBC is keeping its branches open
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This funding will go towards refurbishment and modernisation work at locations throughout the country. The original pledge, made in previous years, saw the bank agree not to announce any fresh closures until the end of 2025.
Notably, the bank reports that customer footfall in the UK has remained strong, with approximately 825,000 people walking through branch doors each month on average.
On top of this, self-service machines across HSBC’s banking network process more than two million transactions monthly at the financial institution’s hundreds of branches.
Sally Williams, the head of the branch network at HSBC UK, said: “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.”
Bank branch closures are continuing at an ‘alarming rate’, according to Which? | GETTY
Christopher Dean, managing director of wealth, premier and personal banking at HSBC UK, said: “This latest announcement shows our commitment to the millions of customers who choose to visit a branch each year.”
Mr Dean added that HSCB’s decision to prolong the bank branch promise until at least 2027 “reinforces our long-term commitment to local communities and the high street.”
HSBC’s announcement follows a similar move by Nationwide Building Society, which pledged in November to keep its combined network of 696 Nationwide and Virgin Money branches operational until at least 2030.
The commitments come against a backdrop of widespread branch closures across the banking sector in recent years, prompting concerns about customers’ ability to access cash.
Dame Debbie Crosbie DBE, group chief executive at Nationwide, said: “Our customers can be confident that they can bank with us whichever way they choose. Branches are important to our customers, to communities, and to the health of our High Streets.
“That’s why Nationwide will continue to keep branches open in addition to our investment in online and telephone channels.”
According to Nationwide, the building society’s branches remain popular with an 11 per cent in customers using them over the last year.
On top of this, over a third of current accounts and over a fifth of savings account were opened in a Nationwide branch.
Nationwide is among the building societies keeping branches open
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NATIONWIDE BUILDING SOCIETYBanking hubs, which allow multiple lenders to share premises in local communities, alongside Post Office services have emerged as solutions to fill the gaps left by closures.
Last year, Sam Richardson, deputy editor of Which? Money, said: “This milestone of more than 6,000 bank branch closures in just nine years underscores the seismic shift that has taken place in terms of our banking habits and the character of the British high street.
“While some may hardly notice the closure of their local branch as they seamlessly switch to online banking, for others reliant on face-to-face services, the impact can be disastrous.
“It’s not about halting closures altogether, but ensuring that essential banking services remain accessible to those who still rely on them. It is crucial that the government prioritises opening more hubs quickly, so that people aren’t left behind.”