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| HSBC Bank |
Hong Kong and Shanghai Bank Corporation (HSBC),
headquartered in London, has made a decision that shocked many; to close its
private banking business in the country by March 2016. This was decided after a
tactical evaluation of the international private banking operations in India.
This marks more development in the HSBC group approach to streamline business
and bring viable growth.
HSBC's private banking biz in India has 70 employees,
but the bank has assured that they shall not sack these people and they would
be given the chance to shift to HSBC Premier, the bank's commercial banking
segment. Private banking clients, too, would be given the same chance. HSBC
delivers expert guidance and information to its sizable customer base in mutual
funds, stocks, debentures and organized products. As per the sources in the
resource management sector, the fee earning from HSBC's private banking was a
mere 3 to 4 million USD (INR 20 to 27 crore).
