HSBC to close private banking division in India

HSBC will shut down its private banking business in India by March of next year with staff moved to the retail bank.

"After a strategic review of the global private banking operations in India, we have decided to close the business," a spokesman said on Friday.

"This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth.

HSBC said its customers will be given the choice to move to its global retail banking and wealth management platform, HSBC Premier.

The move by HSBC, which will see the 70 people working in the division switched to the retail arm, follows announcements earlier this year from Royal Bank of Scotland and Morgan Stanley, both of which have sold their operations in India.

HSBC has corporate, retail and investment banking services in India, where it employs around 32,000 staff overall.