MF News HSBC to shut down its private banking unit in India

HSBC to shut down its private banking unit in India

Private banking arm of HSBC is likely to get shut down by the first quarter of FY 2016-17.

Team Cafemutual Nov 27, 2015

HSBC has decided to wind up its private banking unit in India.

“After a strategic review of the private banking services, the group has decided to close down the business in India,” confirmed a spokesperson from HSBC.

The spokesperson further said, “We will work closely with the clients to minimize the impact by offering a choice to move to HSBC Premium.”

The private banking arm of the bank is expected to wind up its business by the first quarter of FY 2016-17.

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