HSBC pauses closure in Oakham until LINK creates banking hub

A bank branch earmarked for closure will stay open until a new 'banking hub' is created.

Banking giant HSBC announced last year that from April it would close 114 bank branches across the UK including in Oakham and Stamford due to declining footfall.

The planned closure of the Oakham HSBC, alongside Barclays shutting, would leave Rutland without a bank - the first county in England not to have one .

LINK, a cash access network, stepped in and announced the creation of a banking hub which would work on a rotating basis, with staff from different banks available on different days.

While the Oakham HSBC was due to shut on June 20, a spokesperson for the banking giant has now confirmed it will keep the branch open until the hub is created 'to ensure a continued presence for customers'.

The closure will be paused for up to 12 months to allow time for a banking hub to be developed and 'prevent a gap in service'.

HSBC will be writing to customers to inform them of its decision.