HSBC News Update: Bank Closures and Raised Shares

HSBC

HSBC news update: HSBC have announced that’s there will be five new bank closures and also promise twenty further closures by the end of October.
HSBC have now announced there will be a further five branches of the high street bank closing in the near future. It now appears that their closure program is beginning again. HSBC are claiming these recent closures are due to a lack of business, and their network of customers using these particular branches less and less frequently. The list of five includes Grange-over-Sands in Cumbria, Highcliffe in Dorsett, Shipston-on-Shore in Warwickshire, Cudworth in South Yorkshire and Almondbury in West Yorkshire. In 2013 HSBC have currently closed only four branches with these new five to follow. This will bring to total of closures of branches to over 200 hundred within the past three years. It is also expected that a further twenty closures across the country will be announced by the end of October at the very latest. A spokesman for HSBC announced closures would be going a head and explained that they were a last resort for the company. The closures over the past three years have lead to a fall in profits however there are possible plans for some new branches to be opened within the coming years. To contact HSBC click here.

HSBC Competition

During 2012 the major corporation closed seventy branches across the country; fifty had been closed the previous year in 2011 and even more during 2010. HSBC are not the only major firm to be making cuts to its branch size, with over 70 within the last year and a half. The Royal Bank of Scotland (RBS) who also have ownership of NatWest has closed over 60 branches across the country within the past year and a half as well. Future closures by RBS have already been hinted at by the future chief executive. Though Royal Bank of Scotland aren’t the only firm to be cutting down along side HSBC. Barclays have closed 16 branches this year alone. Santander have closed 48 this year though have open three reducing the loss to 45, however Santander have taken over Abbey, Bradford & Bingley and Alliance and Leicester; because of this they claim to have only closed branches where one of these other three firms already have a presence within or hold over the area. On the other hand there are other banks who have promised to make no branch closures until 2015 at the earliest. The main organisation promising this is the Lloyds Banking Group which includes the Bank of Scotland and Halifax.

More news can be found on the official website.

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