MUMBAI, May 19 (Reuters) - HSBC Holdings Plc saidit plans to close 24 branches in India after a strategic reviewof its retail banking and wealth management business showedcustomers are increasingly opting for digital banking services.
The bank said it would consolidate from 50 branches across29 cities to 26 branches across 14 cities, and the closures willtake place gradually over the next few months.
The move comes five months after the lender said it wasexiting its private banking unit in India as part of its groupstrategy.
"India is a priority market for HSBC and we will continue toinvest to achieve sustainable growth by supporting the needs ofour customers," Stuart Milne, group general manager and chiefexecutive officer of HSBC India, said in a statement.
The branches being closed account for less than 10 percentof the company's retail customer base in India, the bank said.
It added that it plans to invest further in its retailbanking and wealth management business, and would soon announce"an expanded proposition to cater to its top tier clients andfurther technology deployments for the benefit of its retailcustomers." (Reporting by Zeba Siddiqui in Mumbai; Editing by Keith Weir)