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HSBC to close a quarter of UK branches

Move follows pressure from bank’s largest investor Ping An to cut costs

HSBC is to close a quarter of its UK branches, as it comes under pressure from its biggest investor to cut costs and scale back its network.

The lender on Wednesday said it would shut 114 branches across the country from April next year, cutting its number of UK outlets to 327.

The closures, which the bank attributed to a shift in customer preference for online banking, echo similar cost-cutting moves by rivals such as Lloyds.

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