Since the beginning of the year, all of the big players saw some branch closures apart from one: HSBC. Are HSBC bank branches over the worst?

In 2017, one in eight UK branches closed: 1,169 branches in total. So far, 2018 has seen that closure rate take a massive drop; only 336 shuttered so far.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Barclays dropped from 1,208 at the beginning of the year to 1,155; about a 4.5% decline.

Lloyds dropped from 967 to 926, but news surrounding Lloyds Banking Group has been about nothing but branch closures. Also, huge numbers of staff are set to be affected.

The only two banks to see their branch numbers increase since the start of the year are Handelsbanken, which has been steadily increasing its branch presence over the last 10 years, and Metro Bank, with its entire branch-focused strategy.

HSBC has remained the same with 625 branches, which suggests that the closures might be coming to an end. However, it does not tell the whole tale.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

What has HSBC been up to?

As the first bank in the UK to release an open banking app, HSBC is clearly trying to be a digital trailblazer in the market. It also saw net gains in account switching in the first half of the year.

In addition, its retail earning increased 7% in the same timeframe.

Outside of the UK, in the US, HSBC bank branches have enlisted the aid of robots to transform the experience for customers.

On the other hand, since 2015, HSBC is one of the banks to close the most branches, according to Which?. The international lender closed 440 branches, second only to NatWest with 638. HSBC has a long history of axing branches.

HSBC Bank branches see no closures in six months

 

So are HSBC bank branches going to avoid the fate of so many? With the advancement of banking technology and consumer needs shifting to digital, it appear unlikely. However, they are currently hanging in there.