Hong Kong and Shanghai Banking Corp. Ltd (HSBC) on Friday said it will shut its private banking business in India through which it provides asset-management services to customers with a net worth of over $1 million (Rs 6.7 crore).
The bank will now offer these customers services under HSBC Premier, a retail banking and wealth management product for the mass affluent with assets of over Rs 25 lakh.
An HSBC spokesperson said that this is part of HSBC group strategy to simplify business and deliver sustainable growth. The bank is planning to complete the migration in the first quarter of 2016.
The spokesperson further added “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.”