HSBC will be moving and closing some of its branches in the coming months after a review of the bank’s network in the island.

The bank will relocate its Douglas branch to the high street and move its head office teams to a new central Douglas location next year, while the Ramsey branch will close in March 2023.

All accounts at Ramsey will be transferred to the Douglas branch, which will move into its new premises ‘towards the end of 2023’.

The banking industry has been gradually shrinking here for years as we’ve seen branches shutting down in villages and towns across the island.

HSBC says the decision to reshape the network and invest in a wider package of support and different formats follow an increasing preference for online and mobile banking, along with a reduction of in-branch transactions.

The bank will be making ‘significant’ investments in both its Douglas branch and head office premises and will ‘continue to support customers across the island with both a branch presence and digital banking services’, which reflect the changing needs of customers.

It was announced last month that Monsoon Accessorize, which sells women’s and children’s clothes and accessories, on Strand Street would be shutting on January 6 and HSBC would move in.

Meanwhile, all Ramsey branch staff will be offered positions at the Douglas branch.

Head of distribution for HSBC Channel Islands and Isle of Man, Cameron Senior explained that the way people bank is changing, which is something the Covid-19 pandemic only accelerated.

‘We know from our review that the majority of customers have a preference to do much of their day-to-day banking digitally,’ he said.

‘While we’ve seen a significant reduction in the number of customers using our Ramsey branch, we’ve developed a model that provides islanders with both the opportunity for face-to-face servicing as well as online banking products and services.’

Head of commercial banking in the Isle of Man, Shibaji Dasgupta, added: ‘All our customers, both commercial and personal, are extremely important to us.

‘We are discussing the network changes with our clients and will be supporting them through the transition process with the help and assistance they need.’

The Ramsey branch of HSBC will close on March 28.

Adam Belfield, head of wealth and personal banking in the Isle of Man, said: ‘Our Douglas branch is scheduled to move to its new high street location by late summer 2023, with the head office relocation planned for earlier in the year.

‘Throughout this transition period, we’ll be working closely with our teams and customers, to ensure we continue to offer excellent service that reflects the different ways our customers are choosing to bank with us.’

In a letter to customers, HSBC says if their account is held at the Ramsey branch it will be administered from the bank’s branch in Douglas from March 29.