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HSBC offers Post Office banking to its UK customers

HSBC has inked an agreement with the Post Office of the UK, pursuant to which the post office will facilitate banking services at its 11,500 branches across the UK, for nine million HSBC and First Direct customers.

As per the agreement, HSBC personal current account customers can make cash withdrawals and deposits, cheque deposits and balance enquiries at Post Office outlets throughout the UK.

HSBC CEO Brian Robertson said the partnership allows the bank to provide its customers with an additional opportunity to access their HSBC bank accounts at Post Office counters.

"This initiative extends the ways that customers can manage their money with HSBC in the manner of their choice, via our 1,200 branches and 3,600 ATMs, phone and text banking, personal internet banking or our Fast Balance mobile application."

First Direct is a division of HSBC Bank and the UK lender manages a branch network of 1200, which represents one tenth of the size of the Post Office network in the country.

Post Office chief executive Paula Vennells said the new partnership comes as the Post Office embarks on the biggest network investment in its history to both maintain and modernize its unrivalled estate.

"This agreement means that 95% of all UK debit cardholders will have access to their money at Post Office counters."

Further details will be revealed over the next few months, the bank said.