THE MALMESBURY branch of HSBC will be closing in the New Year leaving their customers with a 10 mile drive to their nearest branch.

The bank announced on Wednesday morning that they would be closing the bank on January 20, 2017 in a decision which has shocked the community.

Hoping to help their customers before they close, the bank will be offering one to one sessions every Tuesday from 9.30am-4.30pm to explain their options or help set up mobile or internet banking.

Malmesbury Mayor, Cllr Wayne Jones said: "This closure is part of the problem. People do not have a huge choice of banks anyway here and recently we lost Halifax and Cheltenham and Gloucester and Lloyds have reduced their opening hours, leaving us with two banks in the town.

"I think we have seen a steady decline in rural services in areas like this in the last decade or so and people will struggle to use banks in the surrounding towns because of the opening hours. It is going to make it hard for residents and businesses in the area.

"Not everyone wants to do internet banking and Malmesbury has a high percentage of elderly residents and unfortunately to lose one more bank is going to have a significant effect on them."

While the bank closure limits the financial options in Malmesbury to Lloyds or Barclays, Gordon Macpherson of the Malmesbury Town Team hopes that the building will be snapped up by another business.

He said: "It is clearly a shame for local businesses as they use HSBC daily. The staff who work in the branch will also be affected and the great service they offered is appreciated by many.

"Whilst sorry to see the bank close, we need to accept the commercial decision and look forward to seeing a new business or leisure facility open in its place which will serve Malmesbury’s growing community."

In a statement made to customers, the bank citied a decline in branch contact and the rise of internet and telephone banking as the reason for their closure.

A spokesman from HSBC said: "We continually review our branch network to make sure our branches are in the right locations for our customers and we have a sustainable network for the future. Over the past five years, we have seen footfall reduce by an average of 40 per cent at our regional branches and sometimes we have to make the difficult decision to close branches.

"These are not decisions we take lightly and we work closely with those impacted, including customers, to help them understand their options."

The bank has also set up a partnership with the Post Office allowing customers to carry out their day to day banking during usual opening hours.