HSBC seems to faucet into thousands and thousands of ‘mass prosperous’ Britons by investing in financial institution branches

HSBC has pledged to shut no more bank branches before 2027 with an extended branch promise.

The banking giant has promised to keep its 327 existing branches open until at least then and next year will invest £56million in branches on high streets up and down the country, including renovations. 

This is 30 per cent more than it spent on branches in 2025.

It has already begun the process of renovating branches, including retrofitting 100 branches with ‘Premier Spaces’ of which 29 are already up and running. 

These are a dedicated section of the bank, usually an entire floor where HSBC’s Premier banking customers can meet with a financial advisor and carry out their banking.

Premier spaces have already been installed in branches at Oxford Circus and Muswell Hill in London, Leeds Park Row, and Leicester with more planned in 2026.

Bucking the trend: HSBC is investing £56m in branches and extending its branch promise until 2027 

The bank has also spent tens of millions of pounds installing new self-service machines where customers can deposit, withdraw and manage their money across its branch network.

Bank branches have been disappearing from the high street at a rapid pace. Since 2015, banks and building societies have closed 6,626 branches, including 743 HSBC branches according to consumer comparison website Which?

The data is there to show that HSBC customers value being able to use a branch. 

In 2025, footfall across branches saw 825,000 customers visiting branches each month and around 2million monthly transactions carried out through self-service machines.

But there is another reason HSBC is investing so much in branches; the bank is on a recruitment drive to sign up affluent customers to its wealth services, which includes its Premier Banking offering as well as investing, and bank branches are playing a big part in this.

The banking giant said referrals to its revamped wealth services from its branch network are up around 80 per cent year-on-year.

HSBC’s managing director Christopher Dean says: ‘We get a significant number of referrals through word of mouth from people who have tried our wealth services and liked it.’

Banks want to entice wealthier customers as they’re more likely to have money to invest, alongside cross-selling other ‘premium’ products and HSBC said there is a 16million person opportunity to tap into. 

This is the number of ‘mass affluent’ people it believes are in the UK.

HSBC UK defines ‘mass affluent’ as anyone who earns at least £100,000 and or and has savings or investments of at least £100,000. 

So far, the bank has amassed 1million Premier Banking customers.

Premier banking customers must have an income or investments worth £100,000 annually, this will unlock perks such as family travel insurance and discounts on other products, like mortgages.

HSBC opened its first wealth hub for Premier and Private customers in July. 

The exclusive premises in St James’s Place in London means customers can pop to nearby Selfridges for a shopping trip and then come in to speak to their adviser or wealth manager.

Another Wealth Centre opened in the centre of Leeds in September, though this is smaller than the 7,000 sq feet premise in London and is for HSBC private banking customers rather than Premier. 

And HSBC plans to open more wealth centres in the UK, as well as Premier centres, as it looks to expand its physical presence.

HSBC has also upgraded its digital wealth offering to add more funds to its investment service as it looks to double the assets it oversees for well-heeled customers in the UK to £100billion by 2028.

The bank has a wider ambition to be ‘the most trusted bank in the UK,’ Mr Dean says.

He tells This is Money:  ‘We are going to become the leading bank for customer service in the UK.’

Having a branch presence is also important in HSBC’s skirmish to capture a younger well-heeled customer base who may be coming into an inheritance from parents or grandparents.

The bank found that younger investors between the ages of 25 to 34 are more likely than any other age group to want to speak to someone directly about their investments, either over the phone or in person – with 44 per cent of 25-34 year olds saying in person is their preferred way to manage their investments, compared to an average of 24 per cent.

Almost nine in 10 people between the ages of 25 and 34 said they would like to have access to a dedicated space where they could speak to a wealth manager, HSBC’s own research shows.

It comes as younger people are starting to think earlier about how much they will need for retirement as it becomes increasingly obvious they will need to put away more than they think.

Mr Dean says: ‘We are seeing more conversations from customers around pensions and retirement. People are starting to think earlier about this, millennials especially.’