HSBC Malta has announced that it will close eight of its branches in Malta by the end of this year to increase its focus on digital banking services.

Seven branches will be closed in Birżebbuġa, Cospicua, Fgura, Ħamrun, Marsascala, St Julian’s and St Paul’s Bay.

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The bank will open a branch in Qormi in 2020, bringing together its existing Qormi and Balzan branches.

The Balzan branch will be closed, while the new branch in Qormi will be the largest HSBC branch in Malta.

HSBC Malta said that branches in Valletta, Mosta, Paola, Sliema and Victoria (Gozo) will offer more services, while self-service ATM and deposit machines will continue operating in the localities seeing the closures.

Plans also include the establishment of four new wealth management centers which will be situated in Birkirkara, Mosta, Paola and Swieqi.

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HSBC Bank Malta CEO Andrew Beane said: “Customers are changing the way they use financial services and HSBC Malta is taking the right actions to respond to this. We are delivering enhanced digital solutions, a modernised branch network with new wealth management centres, and more flexible access to a range of self-service solutions.

“With the closure of some branches, this will all be delivered through a more cost effective operating model which will help us mitigate the long-term impact of negative interest rates on the bank’s profitability in Malta.”

The bank recently introduced new mobile banking and internet banking platforms which it says are experiencing better growth in usage.