(Bloomberg) — The UK’s largest lenders have set up a company to encourage the spread of shared banking hubs to make sure consumers can still access cash as branch closures accelerate.
Nine firms including Barclays Plc and HSBC Holdings Plc have incorporated Cash Access UK Ltd., a non-profit designed to protect cash access, according to a Companies House filing. So far 29 banking hubs have been announced, lobby group UK Finance said in a statement on Monday.
“While many people are now opting to manage their money digitally, we want to ensure that people can continue to access cash and do their banking face to face too,” said David Postings, chief executive of UK Finance.
Last month, HSBC announced plans to shutter more than 100 of its UK branches next year as the bank pushes more of its customers to use its online services. Closing the branches comes as the number of regular customers visiting a physical store has fallen 65% in the past five years, the bank said.
Read More: Lloyds to Close 60 Bank Branches, Unite Union Says
The move comes as the government takes steps to ensure lenders protect access to cash despite the closures. The creation of Cash Access UK was reported earlier by The Times.
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