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HSBC to close Timmins branch

Spokesperson says low foot traffic in their banks have forced the company's hand
HSBC Timmins exterior Oct 14 16
The Timmins branch of HSBC at 190 Third Avenue. Andrew Autio for TimminsToday

There will soon be one less banking option in the city, as HSBC Canada has confirmed the upcoming closure of its branch in downtown Timmins.

HSBC Senior Media Relations Manager Aurora Bonin told TimminsToday the branch will officially close at the end of business hours on February 10, 2017.

"Decisions like this are not made lightly nor are they easy as they affect our employees, customers and the wider communities we serve. We are proud of and grateful for our relationships with our employees and customers in Timmins and across Ontario, and are working hard to make any impact to them as comfortable as possible. That said, we realize that some customers and communities may be unhappy with a change, and we sincerely apologize for any inconvenience these changes may cause" she said.

Bonin said that the banking habits of their customers have changed which has contributed to the decision.

"Digital channels have become the first choice for more and more Canadian consumers, including our customers, and this has translated into significantly less traffic and much lower transaction volumes within our branch network" she said.

Bonin said HSBC is now trying to adapt the way it does business in order to better serve its customers.

"In fact, we are making significant investments in our business and digital channels that will allow customers to access their banking anywhere, and anytime, like Apple Pay, remote deposit capture and our new online banking platform," said Bonin.

HSBC (Hongkong and Shanghai Banking Corporation) is a British owned multi-national banking and financial services company. It is the largest foreign owned bank in the country. The Canadian division, HSBC Canada, which is headquartered in Vancouver, has also recently closed branches in Sault Ste. Marie, Thunder Bay, and several other communities across the country. Neither North Bay or Sudbury have an HSBC branch. The nearest would be in Barrie.

Employees and customers of the bank of have been notified. There will be a public information session at the Timmins branch on Tuesday, October 18.

"Even though there will no longer be a branch in Timmins, we can continue to serve customers through a number of channels, including telephone or online banking. We also understand that telephone and online banking may not meet everyone’s needs, and we are working directly with customers to answer their questions and discuss their options. If they would like, we can advise them on how to transfer their account to another financial institution of their choice," said Bonin.