WELSHPOOL'S branch of HSBC will close later this year.

It is part of a move by the banking firm HSBC to close 82 branches across the UK.

Sites will start shutting their doors from April 23,, with the Broad Street branch in Welshpool town centre earmarked for closure on September 24.

HSBC said the Covid-19 pandemic has seen a greater shift to online banking but insisted the closures were not entirely related to the lockdowns and restrictions introduced.

Staff in branches facing closure are also expected to be redeployed to other branches and sites within 15 miles of their homes.

HSBC said the closures are part of plans to become a market-leading digital bank and an overhaul of how remaining branches will operate.

Of the 82 sites closing, 81 are within a mile of a Post Office, two thirds are within five miles of another HSBC branch and nine in 10 are within 10 miles, the bank added.

Bosses said the changes will see four distinct branch formats that “best suit customer needs, based on detailed analysis of customer behaviour”.

These include full service branches, cash service branches for customers who need greater access to cash, counterless branches with self-services only and pop up branches.

Jackie Uhi, HSBC UK’s head of network, said: “The Covid-19 pandemic has emphasised the need for the changes that we are making.

“It hasn’t pushed us in a different direction but reinforces the things that we were focusing on before and has crystallised our thinking.

“This is a strategic direction that we need to take to have a branch network fit for the future.

“Making sure we have a sustainable branch network is essential to us, and decisions to close branches are not taken lightly.

“By ensuring we have the most suitable branch format in each specific local market that we serve, we will ensure that we are in good shape to meet the challenges ahead.”

She added that stripping out any impact of the pandemic, the number of customers using branches has fallen by a third in the last five years.

Nine in ten of all customer contact the bank over the phone, internet or smartphone and staff talk with more than 100,000 customers a week on social media.

Similar moves were announced in the past 12 months by rivals and a recent report by consumer group Which? found banks and building societies closed, or scheduled to close, 3,770 branches since January 2015.

Craig Williams, Welsh Conservative MP for Montgomeryshire, has expressed his disappointment over the plans, and has emphasised that banking services must be protected for its customers.

He said: “I am today bitterly disappointed to learn of HSBC’s planned closure of its Welshpool branch, which will be an enormous blow to its staff, customers and the town as a whole.

"Over the counter services are extremely important to many customers who prefer not to bank online, or who are unable to. It is vital that HSBC makes it a top priority to discuss new arrangements with its customers, in order to lessen the impact of this decision as far as possible if the bank decides to force its proposals through.

“Whilst I am pleased that HSBC has reached an agreement with the Post Office in Welshpool to allow its personal and business customers to conduct a range of banking services over the counter, this does not fully compensate for the closure of a personalised and local branch.

“I am already in contact with HSBC representatives in urging them to reconsider their decision, and supporting the concerns of its Welshpool staff and customers who have loyally supported the bank over many years. I very much hope that HSBC will think again before implementing these devastating changes.”