HSBC says to shut down India private banking business

HSBC Holdings 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.

Global banking major HSBC today announced shutting down of its private banking business in India that offers wealth management services.

"After a strategic review of our global private banking operations here, we have decided to close down the business," a bank spokesperson said today. The spokesperson said the business will be closed down by March 2016 and select customers will be given a choice to move to HSBC Premier, its global retail banking and wealth management platform.

The British bank is also investing in HSBC Premier in India to enhance product and services suite, which can be made available to select customers, he said.

The global bank's private banking division has been mired in a black money probe after an investigation by ICIJ, a global journal ..

It was not immediately clear how much assets HSBC's private banking unit managed in India, but wealth management industry sources said the bank was not one of the top three players in this segment.

The bank, Europe's biggest lender, did not immediately respond to a Reuters request for comment on its private banking staff in India and its market position.

India is a "priority market" for HSBC and the bank continues to invest here, a spokesperson said.

The private banking business used to offer "onshore" wealth management advisory to clients, which included investments in mutual funds, bonds, debentures and other structured products.

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HSBC Holdings 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.

Global banking major HSBC today announced shutting down of its private banking business in India that offers wealth management services.

"After a strategic review of our global private banking operations here, we have decided to close down the business," a bank spokesperson said today. The spokesperson said the business will be closed down by March 2016 and select customers will be given a choice to move to HSBC Premier, its global retail banking and wealth management platform.

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