An MP has asked the government to consider opening a banking hub in a city area hit by bank closures.

Darren Paffey, MP for Southampton Itchen, requested the hub be placed in Bitterne after several banks closed branches there in recent years.

The hub would allow staff from several financial institutions to share the same space, maintaining a presence in the area.

It comes after Lloyds were the latest to announce their departure from Bitterne, earmarking the closure of their branch in the precinct from the start of next year.

READ MORE: Petition launched against plans to close Lloyds bank

Mr Paffey, who represents Labour, said: "These closures represent a significant loss to the local community, particularly for residents who rely on in-person banking services for their financial needs.

"With limited alternative options, many—including elderly residents, small businesses, and those without access to online banking—are likely to face considerable inconvenience and barriers to accessing essential financial services."

His letter to Tulip Siddiq, the economic secretary to the Treasury, comes after Lloyds Bank and Halifax announced the closure of their Bitterne branches.

Nationwide and NatWest had already shut their doors in August 2022 and April 2023, respectively.

Banking hubs also provide a counter service managed by the Post Office. This helps to cover routine banking needs in areas affected by closures.

READ MORE: Anger as bank closure will impact 'ordinary working people'

In his letter to the Treasury, Mr Paffey writes: "Given these closures, I believe Bitterne would be an ideal candidate for a Banking Hub, designed to provide communities with shared banking services.

"A Banking Hub would allow residents to continue accessing necessary financial services close to home and mitigate the impact of these closures, while reducing overhead costs to banking providers.

"Our community has a strong need for such a facility, and establishing a Banking Hub in Bitterne would support both individuals and local businesses."

The Labour government has committed to launching at least 350 banking hubs nationwide over the next five years.

Speaking to the Echo earlier this year, one resident said the closure of Lloyds next year would see people "lose the freedom to use cash".

Trish Crocker set up a petition, and said: “Visible branches cements trust between the bank and customers, not just the elderly, but society as a whole.

“It’s ok to say people can telephone or pop into a branch some distance away, but that will impact not only the elderly and those who for medical reasons can’t do so, but low-income families who don’t have the funds to pay bus fare, or mobile credit, too.”