The Borehamwood & Elstree HSBC branch will be among 69 to shut this year, the bank has confirmed.

There have been many bank closures within recent years, with heads of major banking firms claiming people are visiting several branches less and making the move to online banking.

As a result the branch at Borehamwood Shopping Park will shut on August 16 this year.

While moving to online, HSBC promises there will be more varied services for customers such as community pop-ups, self-service machines and continued use of the Post Office network.

HSBC states that the average footfall to its banks has declined over 50 per cent since 2017.

Jackie Uhi, head of HSBC UK’s branch network, said: “The way people bank is changing – something the pandemic has accelerated.

“Our branches continue to support people with their more complex banking needs, but the way we can do this has also evolved, with the addition of banking hubs, community pop ups and continued use of the Post Office network.

“Rather than a one-size-fits-all branch approach, it’s an approach built around the way different customers are choosing to bank in different areas.”