HSBC says to shut down India private banking business

HSBC Holdings Plc will shut its private banking business in India, a spokesman said, marking the exit of another foreign bank from the cut-throat business in Asia's third-largest economy.

FP Archives|Nov 27, 2015, 14:25:47 IST

Mumbai: HSBC Holdings Plc will shut its private banking business in India, a spokesman said, marking the exit of another foreign bank from the cut-throat business in Asia's third-largest economy.[caption id="attachment_2414108" align="alignleft" width="380"] Reuters[/caption]"After a strategic review of the global private banking operations in India, we have decided to close the business," the Mumbai-based spokesman said. "This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth."Many foreign wealth managers had scrambled to open up shop in India a few years ago and aggressively ramped up operations to take advantage of robust economic growth, only to find themselves struggling.Even though India's economy has been minting millionaires at a strong pace, it has failed to translate into profits for the foreign wealth managers that have set up teams of well-paid bankers to help manage those riches.Reuters

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