HSBC to Shut Down India Private Banking Business
Nov 27, 2014: The Hongkong and Shanghai Bank Corporation Holdings Plc is going to shut its private banking section in India. HSBC is World’s fourth largest bank dealing in different countries including India. By shutting its banking unit, it is going to mark the exit of another foreign banking unit from India.
"After a strategic review of the global private banking operations in India, we have decided to shut the business," an India spokesman said on Friday. "This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth."
This is not a new thing. Many foreign units used to struggle to set up a business or shop in India and fail to take benefits of this growing economy.
In the recent past, other foreign banks like RBS (Royal Bank of Scotland) and Morgan Stanley have also shut their private banking units in India.