Newspaper article International New York Times

HSBC to Close Its Private Banking Unit in India

Newspaper article International New York Times

HSBC to Close Its Private Banking Unit in India

Article excerpt

Even though India's economy has been minting millionaires at a strong pace, it has failed to generate significant profits for foreign wealth managers.

HSBC Holdings said on Friday that it would close its private banking unit in India, becoming the latest foreign bank to leave the cutthroat wealth management business there.

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

Even though the Indian economy has been minting millionaires at a strong pace, it has failed to generate significant profits for the foreign wealth management firms that have set up teams of bankers to help manage those riches. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.