Hong Kong and Shanghai Banking Corp. Ltd (HSBC) will shutter its private banking business in India through which it provides asset-management services to wealthy individuals.
- The decision was taken after a review of the bank’s global private banking business in India, as HSBC felt these customers could be served by its premiere banking services, which serve clients with a business relationship worth Rs.25 lakh every year.
The private banking arm posted a $7 million profit before taxes for the first half of the year, while the retail banking and wealth management unit posted a $3 million loss.
- In 2013, the bank had shut down its retail broking and retail depository service business. At that time, 300 employees in these divisions had been laid off.
- HSBC India joins international lenders such as Standard Chartered Plc, Royal Bank of Scotland and Morgan Stanley in deciding to shut down some of their businesses in India.
HSBC Headquarters – London, United Kingdom
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