The closure of Oakham's HSBC has been paused until LINK create a new 'banking hub'.

In November 2022, it was announced that Oakham's HSBC would be closing in a 114 branch cull due to a lack of footfall.

In a statement, HSBC said: "The decline in branch use has accelerated so much since the Covid-19 pandemic that some of the branches closing are now serving fewer than 250 customers a week."

While the Oakham HSBC was due to shut on 20 June, a spokesperson for the bank has confirmed that the branch will remain open until the hub is created "to ensure a continued presence for customers".

LINK, a cash access network, will be providing this hub, which would work on a rotating basis, with staff from various banks available on different days.

As such, the HSBC closure will be paused for as long as 12 months, allowing for the development of this new banking hub.

HSBC will be informing customers of this decision in writing.

Barclays, Oakham High Street. Image credit: Nub News.

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The planned closure of the Oakham branch of HSBC, alongside Barclays shutting, would leave Rutland without a bank. This would make Rutland the first county in England not to have one. The new hub will mean that customers can still access banking support in the local area.

Stamford's HSBC is still scheduled to close.