HSBC to close two of their banks in West and Mid Suffolk

Two towns are set to lose banks in the coming months.

The HSBC branch in Market Place, Stowmarket, is to close in August, and its sister site in High Street, Newmarket is to follow in September.

The closures come as the bank announced it will be shutting down 69 stores across the UK, affecting about 400 workers.

The decision comes after the bank has seen more people use its online and mobile banking apps since the start of the Covid pandemic which has meant the average footfall has declined over 50% since 2017 – faster than any point in the last decade.

The closures are part of a “transformation” into how branches operate within individual communities.

Jackie Uhi, head of HSBC UK’s branch network, said that the way people bank is changing and many customers have a preference to do much of their day-to-day banking online or via mobile.

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