Powys won’t be hit by HSBC’s plans to close 27 of its branches – instead, its Welshpool store is set for a refurbishment.

A total of 46 people working in 10 of the bank’s branches could lose their jobs under the plan.

Those working at the other 17 branches earmarked to shut will be moved to other roles at nearby HSBC sites, the bank told the Press Association.

Luckily, branches in the County Times patch won’t be impacted. They include Welshpool, Newtown, Llandrindod Wells and Bishops Castle. There are also banks in Shrewsbury, Oswestry, Aberystwyth, Leominster and Hereford.

Welshpool’s branch, which sits on the corner of Broad Street and Berriew Street in the town centre, is one of 25 stores to be refurbished in the first half of 2020.

Earlier this month, HSBC said its global headcount would be reduced by 35,000 over the next three years. This would include “meaningful” cuts in the UK, where it employs 40,000 people.

It also promised to refurbish 49 of its branches, and invest nearly £34 million in its nearly 600 UK sites.

The fresh announcement comes as HSBC struggles to adapt to changing customer habits, like online banking, which make them less reliant on traditional branches.

Only one per cent of customer cash withdrawals are made in HSBC branches, and 90 per cent of its customers contact the bank over the phone, via the internet, or on its smartphone app.

Stuart Haire, HSBC UK’s head of retail banking and wealth management, said: “Retaining a sustainable branch network is extremely important to us and we need to ensure it is fit for the future.

“But, the way our customers bank with us has changed significantly over the last five to 10 years, and that change is something we cannot ignore.”

In July this year, branches in London, Bristol, Swindon and Leigh-on-Sea will be the first to be axed by the bank.

HSBC customers will still be able to bank in Post Office branches across the country.