HSBC Holdings plc HSBC entered into a deal with the Post Office, which has a national network of over 11,500 branches across the UK, to provide banking services to its business customers. The Post Office already offers a number of services to HSBC’s personal customers.
The deal will enable HSBC business customers to pay in cash, withdraw funds as well as check their account balance. Moreover, the clients will be able to carry out banking transactions through the extensive branch network of the Post Office.
While HSBC has been closing branches as part of its continued focus on expense-savings as well as its concerted efforts to improve profitability, the current move is the largest expansion in availability of banking services in decades in the UK.
Ian Stuart, HSBC Head of Commercial Banking UK, said, “The extension of our partnership with Post Office has broadened the range of channels available to our business customers to access banking services. Customers with business debit cards can now access a number of important services at Post Office counters, including cash deposits, cash withdrawals and balance enquiries.”
With over 3,000 branches open seven days a week following an extensive modernisation programme at the Post Office, HSBC’s personal and commercial customers got an additional channel through which they can conduct their day-to-day banking.
Nick Kennett, Group Director of Financial Services, Post Office said, “HSBC personal customers can already use their local Post Office for their day-to-day banking needs. We are delighted to extend our successful partnership with HSBC to their business customers as well. With its extensive branch network open longer and many on Sundays, the Post Office will make it easier for all HSBC’s customers to access banking services across the UK.”
The Post Office already provides similar services to banks like Clydesdale and Yorkshire and also allows the current account holders at The Royal Bank of Scotland Group plc RBS to make cash withdrawals and balance enquiries at any post office branch in the UK.
Currently, HSBC carries a Zacks Rank #3 (Hold). A couple of better-ranked foreign banks include BBVA Banco Francés S.A. BFR and National Australia Bank Limited NABZY. Both these stocks sport a Zacks Rank #1 (Strong Buy).
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