HSBC Holdings PLC (LSE:HSBA) has promised not to close any more branches until at least 2026, as part of its ongoing commitment to face-to-face banking amid a decline in the presence of banks on the high-street.
The banking group has also committed to investing more than £50 million this year to upgrade and improve its existing branch network.
HSBC’s 327 branches are expected to remain operational for at least the next year-and-a-half, with the possibility of this being extended.
Despite the number of regular customers visiting HSBC branches having declined by 65% over the last five years, the lender has been committed to keeping sites, having already promised no closures in 2024.
It noted that five million customers have visited branches so far this year, pointing out how in-person options are used particularly for more complex banking needs.
To adapt to changing customer behaviour, HSBC plans to expand its services in shared banking hubs.
By the end of this year, the bank aims to offer services in 100 such hubs, up from the current 41.
These hubs allow staff from various banks to share the same space and offer essential services like cash withdrawals, deposits, and check payments.
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 million in refurbishing and remodelling works across our network this year.”