HSBC to close 114 branches in Britain from April 2023

HSBC (HSBA.L) will close 114 branches in Britain from April 2023, the British lender said on Wednesday, the latest in a string of such announcements by retail banks in the country as they slash their networks to try and cut costs.

HSBC, in common with peers such as Lloyds Banking Group (LLOY.L) that has also closed branches in recent months, blamed changing customer behaviour for the move, saying customers are increasingly banking online.

HSBC said it will invest tens of millions of pounds in updating and improving its remaining 327 branches.