Local concerns about HSBC’s future

The recent announcement of large-scale redundancies across HSBC’s UK operations has led to concerns about the future of the branch in Reepham.
 

The potential loss of banking services in Reepham could affect small, cash-based retailers and the elderly

 
In a major effort to reduce costs, the London-based bank plans to cut 8,000 jobs in the UK, while the number of branches is expected to fall by about 100 from 1,057 at present. HSBC said it is unable to provide any more details about when and where the cuts will be made.
 
The bank added that it will rebrand its UK high street branches, but is yet to decide on a new name. (One possibility is reviving the Midland brand, which HSBC acquired in 1992, or adopting the name of its UK online bank, First Direct.)
 
Reepham is fortunate to still have both a bank and a post office. The main concerns about any loss of banking services will focus on small, cash-based retailers and the elderly, who may not be comfortable with the inevitable change to online banking.
 
At present, HSBC has around 20 branches in Norfolk, the nearest to Reepham being in Market Place, Dereham, and Mile Cross Lane, Norwich.
 
Broadland MP Keith Simpson has written to HSBC chief executive officer Stuart Gulliver, raising his concerns about the potential branch closure and pointing out the importance of the bank to Reepham. He urged local commercial bodies and the Town Council to do the same.
 
In his letter, Mr Simpson noted that the town’s dependence on banking facilities was brought sharply into focus when the ram-raid and theft of the ATM in 2012, and resulting temporary branch closure for several months, significantly affected business in Reepham, particularly the town centre traders.
 
“We were all very appreciative that HSBC took the time and expense to rebuild the front of the bank, which involved the purchase of suitable bricks as it is a listed building,” he said.
 
“I realise that it may be too early for any decisions to be made about the possibility of the Reepham branch being closed, but we merely wanted to put on record the concerns of my constituents, who found the period when the branch was closed highlighted how important it was to them.”
 
Reepham Chamber of Commerce chairman Brenda Gostling commented: “The news of HSBC’s intention to cut services in Norfolk is indeed a concern. Our branch in Reepham provides a valuable resource for the many businesses based in and around the town and encourages shoppers to come into the Market Place. It would be devastating to lose it.”
 

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