LONDON (Alliance News) - HSBC Holdings PLC has decided to close its private banking unit in India, where the company is facing intense competition. Its customers will be given the option to move to the company's retail arm HSBC Premier.
The process is expected to be completed in the first quarter of 2016. HSBC's private banking business has about 70 employees in India.
India, Asia's third-largest economy, has a growing number of multi-millionaires. However, it has not been easy for foreign banks to cash in on this wealth.
Royal Bank of Scotland PLC and Morgan Stanley have sold their onshore private operations in India.
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HSBC Holdings (HSBA)