HSBC closes 62 more UK branches, but all Hong Kong outlets to stay open
Like many of its rivals, HSBC has been cutting branches to help cut costs at a time when growing numbers of customers are using online banking
HSBC is shutting 62 more British branches this year, meaning the bank will have closed 340 outlets across the country within the past two years.
But in a divergence of strategies between two of its most significant retail banking markets, the bank said it had no such plans in Hong Kong.
“While individual branches relocate from time-to-time, there is no programme of closures in Hong Kong,” insisted HSBC spokesperson Gareth Hewett.
The bank has about 100 branches and more than 300 standalone express bank centres in Hong Kong. It blamed the UK closures on the changing habits of its customers, adding HSBC will still have 625 branches in the country by 2018.
“More customers are using mobile and internet banking than ever before ... and fewer people are using branches. More than 90 per cent of our interactions with customers are now through our digital channels – an increase from 80 per cent last year,” said Francesca McDonagh, HSBC’s head of retail banking and wealth management for UK and Europe.
Last year HSBC halved its branch network in India, again citing the move to digital as an important factor in the decision.