HSBC Malta closing branches in 8 localities

Tista' taqra bil- Malti.

HSBC Malta is set to closing branches in 8 localities in an effort to modernise its network and focus on digital banking services.

The banking group says that according to its data on customer banking behaviour, they will be shutting down its branches at Birżebbuġa, Cospicua, Fgura, Ħamrun, Marsascala, St Julian’s and St Paul’s Bay by the end of the year.

The ATMs and deposit machines at these branches will stay operational despite the branch closing.

HSBC says that the branches at Birkirkara, Gżira, Swieqi, Rabat, Żejtun and Żurrieq will stay open, while the bank’s customer service centres at Mellieħa, Żabbar, Żebbuġ and San Ġwann will also stay open.

These branches will also include the Valletta, Mosta, Paola, Sliema and Victoria (Gozo) branches, which will see an increase in services, parking and longer operating hours.

The bank also states that 4 Wealth Management Centres will also be created within the Birkirkara, Mosta, Paola and Swieqi branches

These changes will also see a new ‘flagship branch’ will be opened at Qormi which will see the merging of the Qormi and Balzan branches.

The decision to close branches and expand operations and services was based on research on global HSBC customer banking behaviours.

According to their findings, ‘80% of banking transactions are completed digitally, with 45% on mobile devices. Similarly, data gathered by HSBC Malta indicates that Maltese customers’ use of traditional banking services is reducing by more than 10% per annum while mobile usage is increasing 65% each year.’

‘Customers are changing the way they use financial services and HSBC Malta is taking the right actions to respond to this.  We are delivering enhanced digital solutions, a modernised branch network with new wealth management centres, and more flexible access to a range of self-service solutions.  With the closure of some branches, this will all be delivered through a more cost effective operating model which will help us mitigate the long-term impact of negative interest rates on the bank’s profitability in Malta,’ Andrew Beane, Chief Executive Officer, HSBC Bank Malta p.l.c. explained.