Connect with us

Hi, what are you looking for?

Editor’s Pick

HSBC announces it will close 114 branches across the UK next year as it blames the pandemic

HSBC has announced that it will close 114 branches across the UK from next April as it blames the pandemic for a decline in footfall.

The banking giant said it is investing tens of millions of pounds in updating and improving its remaining branch network, which will total 327 after the new wave of closures.

The decline in customers using branches has accelerated so much since the Covid pandemic that some of those closing are serving fewer than 250 people a week, HSBC said.

On the other hand, usage of its mobile app has almost tripled since 2017, with the vast majority of transactions completed digitally.

Jackie Uhi, HSBC UK’s managing director of UK distribution, said: ‘People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning.

‘Banking remotely is becoming the norm for the vast majority of us.

‘The decision to close a branch is never easy or taken lightly, especially if we are the last branch in an area, so we’ve invested heavily in our “post-closure” strategy, including providing free tablet devices to selected branch customers who do not already have a device to bank digitally, alongside one-to-one coaching to help them migrate to digital banking.’

NatWest confirmed in October that it was closing 43 branches across Britain next year including in Coventry, Cheltenham, Tonbridge in Kent, Balham in south London and Thame in Oxfordshire.

The UK’s second biggest lender said the vast majority of its retail banking services can be done digitally and it is the quicker and easier way to bank.

The branches will close between January and March next year.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Egg vendors arrange their products for sale at a store along Blumentritt in Manila, Jan. 26. Filipinos are grappling with soaring prices of food,...

News

ICC prosecutor authorized to reopen Philippines drug war investigation – BusinessWorld Online ...

News

At Christmastime, monster waves and winds battered the 23-year-old Tubbataha Ranger Station. (Inset photo) Metro Pacific Investments Foundation, Inc. committed to provide an additional...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Have you ever wondered how long it would take a CEO to make the UK’s average yearly salary? High Pay Day...

News

PHILIPPINE STAR/ MICHAEL VARCAS By Luisa Maria Jacinta C. Jocson, Reporter THE PHILIPPINES weathered record inflation and interest rate increases last year by posting...

News

PHILIPPINE STAR/ MIGUEL DE GUZMAN PHILIPPINE DEMAND for oil would probably grow at an average 3.4% between 2022 and 2031, according to Fitch Solutions...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.