HSBC Rumoured To Shut Indian Private Banking Operations

HSBC Holdings Plc will close down its private banking business in India and transfer about 70 staff following a strategic review of the operations, people familiar with the matter said.

The London-based lender will move employees from the Indian private banking arm to the Premier banking business under HSBC’s retail bank, the people said, asking not to be identified as the information is private. HSBC confirmed in an e-mailed statement it decided to shut the global private banking operations in India and will offer clients the choice to move to its Premier business where appropriate.

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