The bank is one of 62 planned for closure over the coming months and follows a trend of closing branches across Portsmouth
The HSBC branch in Cosham will close on June 2 with the closure being blamed on customers’ change in habits, towards banking online or via mobile phone apps.
To help local people cope with the transition, the company has announced some HSBC services will be available at the Post Office.
This will allow consumers and small businesses to make cash withdrawals and deposits at expanded counter services, that would otherwise have to done at an alternative branch.
Francesca McDonagh, HSBC Head of Retail Banking and Wealth Management for UK and Europe, said:
‘The way our customers bank with us is changing. More customers are using mobile and internet banking than ever before, innovation such as Touch and Voice ID has proved extremely popular, and fewer people are using branches.
‘More than 90% of our interactions with customers are now through our digital channels – an increase from 80% last year.’
Over the last couple of years, many other banks have chosen to close high street outlets. In 2015, Barclays closed its Cosham branch with HSBC closing another store in North End.
Despite a petition of more than 1,000 people and efforts by MP Caroline Dinenage, the HSBC branch in Lee-on-the-Solent also closed in 2014.
Watch the video with Keith Harvey, Accountant for Highbury College, discussing the future of finance or use the PlayBuzz link to take part in a poll.