On Wednesday the 30th of November 2022, HSBC confirmed that they will be shutting 114 branches in 2023.

In a statement, HSBC said: "The decline in branch use has accelerated so much since the Covid-19 pandemic that some of the branches closing are now serving fewer than 250 customers a week."

The company claims that branch visits have declined by 65%, adding that 97.5% of all its banking transactions now take place online.

This closure will be a huge blow to the Stamford community, who are also expecting to lose Barclays in the neighbouring Sleaford.

NK Independents Councillor, David Suiter, has acknowledged the detriment that this may have to the elderly population, who could find getting online or travelling to another branch tricky,

He added: "Whilst many people are able to bank online some, often elderly residents, and many others still rely on banking in person."

"Closing the local branch will mean them having to travel substantial distances when many are unable to drive.

"Banks are an essential service in our communities, giving residents convenient access to their finances and allowing them to take care of their affairs.

"Lack of access to banking services adversely affects access to credit for small and medium-sized businesses, and hits business in various other ways.

"They are often situated in the heart of our town centres, in close proximity to other vital facilities and shops. Once banks go, other facilities tend to deteriorate."

The Stamford bank branch will be closing on 16 May 2023, with nationwide closures going on from April to August.

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