The Chingford HSBC branch is set to close as the banking giant announces plans to shut 27 branches nation-wide this year.

The Chingford branch in Old Church Road will close on July 3 with services transferred to the Walthamstow branch, 2.4 miles away.

Customers will continue to be able to access their bank account and carry out their day-to-day banking in Post Offices.

Stuart Haire, HSBC UK’s head of retail banking and wealth management, said: “In the financial services industry many more customers are using mobile and internet banking than ever before, also interacting with us on social media over 85,000 times in the last 12 months. The upshot is that significantly fewer people are using our branches.

“The decision to close these branches will help to ensure a sustainable branch network for the future and allow us to continue to invest in it, as illustrated by the improvement to 49 branches in 2020, along with the continuing investments in our people and digital platforms.”

Over the past five years, the number of customers using HSBC branches has fallen by a third.

Nine in ten customers’ contact with the bank is now completed via the telephone, internet or smartphone and 99 per cent of cash withdrawals are made at an ATM.

Mr Haire added: “Retaining a sustainable branch network is extremely important to us and we need to ensure it is fit for the future. But, the way our customers bank with us has changed significantly over the last five to ten years, and that change is something we cannot ignore.

“Our priority is now to work closely with our colleagues and customers. We will write to all affected customers to advise them of local alternatives, as well as offering them 1-2-1 sessions to help explain their options or provide help in setting up mobile or internet banking.”

HSBC has also announced a £34 million investment fund in its 594 remaining branches.

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