HSBC to invest in Welshpool branch

HSBC has announced it will close 27 of its branches this year, but has committed its long term future to Welshpool by confirming that the branch will be refurbished in 2020.

The bank said the closures will take effect this year - and comes on the back of changes in the way people are managing their day-to-day banking.

But Welshpool has been earmarked as one of 49 of the remaining 594 branches that will undergo significant investment in 2020.

In a statement, it said the number of customers using HSBC branches has fallen by a third over the past five years.

According to the bank, nine in 10 of its customers now complete their transactions via the telephone, internet or smartphone and 99% of cash withdrawals are made at an ATM.

“Retaining a sustainable branch network is extremely important to us and we need to ensure it is fit for the future,” Stuart Haire, HSBC UK’s head of retail banking and wealth management said.

“But, the way our customers bank with us has changed significantly over the last five to 10 years, and that change is something we cannot ignore.”

The bank said it will be investing almost £34million in its branches this year, including installing new technology and refurbishing the 49 sites, including Welshpool.