"The world's local bank," HSBC, is due to become less local to 10 UK communities by early next year, as the lender is preparing for another tranche of branch closures, the Financial Mail reports.
The Financial Mail says that HSBC intends to close the 10 branches due to lack of use. The move would take the total number of branch closures by the retail lender to 23 for 2006 and 75 for the past two years.
HSBC argues that more and more customers are switching to using internet and phone banking, which has greatly reduced the footfall at branches around the country. However, according to the Financial Mail, some of the closures are happening in urban centers that are actually expanding.
HSBC’s decision comes soon after a similar move from rival Lloyds TSB and follows a general trend of high street banks retreating from the high street. One of the side effects of the withdrawals has been the significant reduction in the availability in some areas of free to use ATMs. However, facing criticism over its part in adding to this trend, HSBC has reportedly said it would look into installing ATM units in some areas where it intends to close branches.