Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / HSBC India announces shut down of private banking
  • India

    HSBC India announces shut down of private banking

    Shiladitya Ray
    Written by
    Shiladitya Ray
    Mail
    Last updated on Nov 27, 2015, 06:20 pm
    HSBC India announces shut down of private banking
    Credits:
  • Marking the exit of another foreign bank from India, HSBC Holdings Plc announced that it will shut down its private banking unit in India.

    "After a strategic review of the global private banking operations in India, we have decided to close the business," a HSBC India spokesperson said in a statement.

    HSBC will continue to offer corporate, retail and investment banking services in India.

  • In this article
    Shut down not linked to black money probe Customers can move to HSBC Premier HSBC India's private banking business profits HSBC to retain all employees in India Other foreign lenders who shut down Indian businesses
  • Reasons

    Shut down not linked to black money probe

    Shut down not linked to black money probe
  • HSBC's private banking division had recently been entangled in Indian investigations to crack down on black money after an investigation by the International Consortium of Investigative Journalists found out that over 1,000 Indians had stashed $4 billion in HSBC Geneva till 2007.

    However, the HSBC spokesman denied that the shut down was linked to this scandal, nor was it a cost-cutting measure by HSBC.

  • Clients

    Customers can move to HSBC Premier

    Customers can move to HSBC Premier
    Credits:
  • According to HSBC India's spokesperson, existing clients will be "given an option to move to" HSBC Premier, HSBC's global retail banking and wealth management platform.

    According to Bloomberg, HSBC Premier targets customers that have a business relationship worth Rs.25 lakh every year.

    The bank will continue to invest in HSBC Premier in India to enhance the range of services and products offered to customers.

  • Data

    HSBC India's private banking business profits

  • According to Bloomberg, HSBC's Indian private banking business posted a pre-tax profit of $7 million for the first half of 2015, while its retail banking and wealth management business in India posted a $3 million loss.

  • Employees

    HSBC to retain all employees in India

    HSBC to retain all employees in India
    Credits:
  • When HSBC, in 2013, closed its retail broking and retail depository service businesses in India, 300 employees had been laid off.

    However, this time, according to sources, the 70 people headed by Shantanu Ambedkar working in HSBC India's private banking unit will be absorbed into its retail banking unit.

    The HSBC spokesperson also added that HSBC will retain all its 32,000 employees in India.

  • Others

    Other foreign lenders who shut down Indian businesses

    Other foreign lenders who shut down Indian businesses
    Credits:
  • In early November 2015, Standard Chartered announced that it will cut down on its unsecured retail and corporate banking businesses in India.

    In September 2015, Royal Bank of Scotland (RBS) announced that it will sell its private banking business in India to Sanctum Wealth for Rs.200 crore.

    In April 2015, IndusInd Bank announced the acquisition of RBS' diamond and jewellery portfolio worth Rs.4,500 crore.

Latest News
  • OTT platforms should be screened, says SC; 'even porn shown'
    OTT platforms should be screened, says SC; 'even porn shown'
    India
  • Hacker group unc0ver releases jailbreak utility for iOS 14.3
    Hacker group unc0ver releases jailbreak utility for iOS 14.3
    Science
  • Analyzing an extremely tight Ligue 1 title race in 2020-21
    Analyzing an extremely tight Ligue 1 title race in 2020-21
    Sports
  • India vs England: Hosts get rid of Stokes, Bairstow
    India vs England: Hosts get rid of Stokes, Bairstow
    Sports
  • Second installment of 'Scam 1992' announced; Hansal Mehta to direct
    Second installment of 'Scam 1992' announced; Hansal Mehta to direct
    Entertainment
Trending Topics
ISRO Vaccine
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Twitter Indian Premier League Samsung Virat Kohli
Rohit Sharma Cricket News YouTube Hollywood News WhatsApp Bollywood News Nitin Gadkari ISRO Yoga Honda
Batman Football News BMW Vaccine Reliance Jio OPPO Food News, Healthy Recipes Tesla Royal Challengers Bangalore Toyota
Fashion Tips Emmy Awards Mercedes Barcelona FC Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics
Avengers Neha Kakkar Premier League Big Bang Theory
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021