HSBC is closing one in seven of its UK branches, reducing its branch network from 593 to 511 outlets.

The bank says that no compulsory redundancies will follow on from the branch closures.

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According to the bank, all but one of the branches set to close are within one mile of a Post Office.

The branches will close between April and September.

Jackie Uhi, HSBC UK’s Head of Network says: “Over the last few months, we’ve been conducting a number of pilots to test out a range of potential future branch formats at different locations to make sure we are giving customers what they want where they want it.

HSBC launches new branch formats

“Our findings have led us to create four new and distinctive formats. We believe they will be well-suited to serve the different local markets that we operate in, with a branch network that is fit for the future.

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“We know there will always be a need for face-to-face customer support. The evolution of our branches very much takes that into account.

In recent years we have introduced more digital options to make our customers’ lives easier. Examples include depositing cheques or putting a temporary block on a card, for example. We know that customers are becoming more comfortable primarily using online and mobile banking to take control of their finances..

“Giving more and better options to enable customers to manage their finances, including self-service, has uncovered a latent demand. The direction of travel is really quite clear. This is borne out by the reduction in branch usage and increase in digital interaction that we are seeing first-hand.”