HSBC to close private banking business in India by March 2016

London-based Hong Kong and Shanghai Bank Corporation (HSBC) will be closing its private banking business in India by March 2016. This service catered to those with a net worth of over $1 million (Rs 6.7 crore).

The customers will now be offered services under HSBC Premier, a retail banking and wealth management product for those affluent with assets of over Rs 25 lakh.

"After a strategic review of the global private banking operations in India, we have decided to close the business. This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth", said a bank spokesperson.

"India is a priority market for HSBC where we continue to invest. We aim to achieve sustainable growth by supporting needs of customer in retail banking and wealth management, global banking and markets and commercial banking businesses", the spokesperson added.

There are currently 70 people working for the HSBC's private banking business in India. These employees would be given the option to move to the bank's retail banking division, HSBC Premier.

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