According to the BBC, a review by the bank found it already has enough datacentre space. An HSBC spokeswoman confirmed the plans had been cancelled.
Late last year, HSBC submitted a planning application for the 325,000m2 datacentre in North Yorkshire. The planned site would have become a key centre for the bank to process banking transactions. It was also going to support the local environment and heat a local swimming pool through the excess heat it produces.
HSBC said last year that when the datacentre was complete it would be paired with another in Yorkshire and become the "largest and most important centre facility in the world".
It would have taken two years to build and when complete would have employed 100 people, including IT staff, and was designed to accommodate future IT job creation.