The HSBC bank has announced that 82 branches, including Welshpool are to close this year.
It says the Welshpool branch will shut its doors on September 24 as part of its UK wide streamlining operation. Customers will be able to carry out their banking in Welshpool Post Office.
Craig Williams, Welsh Conservative MP for Montgomeryshire, says he is disappointment over the plans and has emphasised that banking services must be protected for its customers.
"HSBC’s planned closure of its Welshpool branch, will be an enormous blow to its staff, customers and the town as a whole. Over the counter services are extremely important to many customers who prefer not to bank online, or who are unable to.
"It is vital that HSBC makes it a top priority to discuss new arrangements with its customers, in order to lessen the impact of this decision as far as possible if the bank decides to force its proposals through.
“Whilst I am pleased that HSBC has reached an agreement with the Post Office in Welshpool to allow its personal and business customers to conduct a range of banking services over the counter, this does not fully compensate for the closure of a personalised and local branch.
“I am already in contact with HSBC representatives urging them to reconsider their decision, and supporting the concerns of its Welshpool staff and customers who have loyally supported the bank over many years. I very much hope that HSBC will think again before implementing these devastating changes.”
The streamlining will reduce the number of HSBC branches across the UK to 511
It will leave Barclays and Lloyds in the town.
The bank says that the move is because of the reduction in branch usage and increase in digital banking.